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Economics ch 1 and 2 Flashcards | StudBud
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Economics ch 1 and 2
Economics ch 1 and 2
17 terms
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Flashcards
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Questions
17
Answers
1
what is one fundamental economic problem?
having too much
unlimited resources
limited wants
Scarcity
2
What is opportunity cost?
the satisfaction of a purchase
The regret you feel after a purchase
3
A service is something intangible
False
True
4
Intrinsic value is the objects usefulness to the buyer
True
False
5
what is economic cost?
The price of a new item
the price of an old item
value people place on a goods or service
how much something cost to make
6
What is a main tool of economist
models
success of the stock market
business reports
the economy
7
There are two main studies of Economics
False
True
8
How many factors are there in production?
8
4
6
2
9
Households create the Growth Domestic Product (GDP)
True
False
10
What are Goods?
something that you can hold and has a life expectancy
A job that you perform
11
Subjective value is the value of the nature of the product
True
False
12
What is a Nuisance good?
a negative cost
anything with a price tag above zero
something annoying
a profitable good
13
Why use models
ignore human behavior
analyzing choices and consequences
to assist in predicting future events
study actions of a single person
14
What is the financial market
Money received by a business
financial institution that takes or gives money
15
Economics is the study of how people satisfy their needs and wants through choices
True
False
16
How many "players" are in the circular flow?
7
4
5
2
17
There are three types of models
True
False
