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Final Exam Economics Flashcards | StudBud
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Final Exam Economics
Final Exam Economics
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Study Guide Review
Flashcards
27 cards
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Questions
27
Answers
1
Key elements of Studying Economics:
Descripition, production and analysis
Description, Prediction and Production
Description, Analysis, Prediction
Description Production
2
What factor of production is missing?
Good
Service
Bill Gates
Entrepreneurship
3
What is this showing?
The less wine the less cotton
Amount of Wine and Cotton have alternative
the more wine the more cotton
More wine then less cottom
4
What economy is this demonstrating?
Market
Traditional
Command
Mixed
5
What Economy is this showing?
Mixed
Command
Traditional
Free Market
6
The study of how firms, nations, & individuals best allocate their limited resources is....
Economics
Supply and Demand Analysis
Circular Economic Activity
FactoringProduction
7
What are the advantages of this economy?
Traditions knowing what your doing
respect for culture and heritage
no innovation or competition
8
A clothing company manufacturers 500 shirts. There are few shirts what happens to the price?
Want
Nothing
Scarcity
Need
9
For something to have value, it must
cost a lot of money
have utility
be on sale
never go out of style
10
What is the paradox of value?
a nation's accumulation of products
Scarcity is necessary for something to have value
more worth in dollars and cents
capacity to be useful
11
What is economic interdependence?
people's reliance on each other to provide goods & services
the ability to produce all goods & services
the relationship between the 4 factors of production
the result of division in labor
12
Any good that lasts three years or more when used regularly.....
Captial Good
Durable Good
Consumption
Want
13
Standard of living is a issue today...Why?
Free enterprise economy consumers and businesses
quality of life affected by unemployment, business cycle
Dealing with scarcity
14
What are three basic economic questions Economist ask?
For Whom, When to produce, How Much to produce
What to charge, How to produce, what to produce
For Whom to produce, For Whom to produce, what to charge
How to produce, What to produce, For Whom to produce
15
Write the caption for the diagram below?
Nothing
Higher wages
Strike so stop production in capital goods and consumption
increase in capital goods and decrease in consumption
16
The __________ of a CD player can be expressed in dollars and cents.....
Services
Good
Value
Utility
17
Write the caption that explains the diagram?
increase in education for food production
decrease in education, increase in food
nothing
decrease in food, increase in education
18
What does the title of this picture mean?
Freedom of Choice
Nothing just they are communistic
No choice, central government
19
What is inflation?
Money gets richer
Dollar value decreases its buying percent
20
What is thinking like an economist referring to?
assumptions
economic model
Cost-benefit analysis
standard of living
21
Who is Adam Smith?
Founder of America
Idea of division of labor and wealth of a nation
French philosopher
22
What is this image representing?
Circular Flow
Labor
Need
Factors of Production
23
What Economic Concept is this graph referring to?
Unlimited Wants
Scarcity
Choices
What to Produce
24
Explain the message of the cartoon
Goods and Services
Product Production Curve
Factors of Prodcution
Circular Flow
25
Which of the following are assumptions underlying the Production Possibility Curve?
All of the above
Only two goods are produced.
Technology, population, and capital are variable.
Prices determine the position on the PPC.
26
Nominal GDP is:
Adjusted to inflation
GDP that is not adjusted to inflation
Real GDP
27
Define Opportunity Cost:
resources
The cost of the next best alternative
production
alternative choice
