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L6 - Economics Basics Flashcards | StudBud

Explore/L6 - Economics Basics

L6 - Economics Basics

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Questions 10

Answers

1
Which is a feature of a good budget?
income that is less than expenses
money reserved for saving
economic incentives
high use of credit
2
What is opportunity cost?
getting more money
the cost of what you have to give up
3
What is a consumer?
someone who makes/sells goods and services
someone who buys goods and services
4
The United States has a mixed economy.
True
False
5
Increased competition between producers may lead to
a rise in taxes
a decrease in profit
a drop in demand
an increase in price
6
What is economics?
the study of how people meet their wants and needs
the desire for a good or service
producers and consumers
7
How do companies make a profit?
increase expenses and decrease revenue
decrease expenses and decrease revenue
increase expenses and increase revenue
decrease expenses and increase revenue
8
Credit costs less money than using cash.
True
False
9
Which of the following is one of the 3 basic economic questions?
How should goods and services be produced?
How is a budget created?
What price should be set for goods and services?
How can income be shared?
10
Which economic system has the highest level of government control?
market
command
traditional
mixed