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Personal Finance Unit 1, Chapters 1: Economics Flashcards | StudBud
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Personal Finance Unit 1, Chapters 1: Economics
Personal Finance Unit 1, Chapters 1: Economics
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Monona Grove High School Mr. Brian Krey Personal Finance Unit 1 Chapter 1
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
When there is high demand for a good or service, it results in higher prices.
False
True
2
When taxes increase on a product, this generally decreases the supply of the product.
True
False
3
This type of economy has a central authority (government) that makes economic decisions.
Command
Market
Traditional
4
This type of economy allows people to answer economic questions by what they buy and sell.
Market
Traditional
Command
5
Scarcity impacts everyone; including individuals, businesses, and governments.
True
False
6
Things you desire but can live without.
Needs
Economics
Scarcity
Wants
7
This term describes when supply exceeds demand.
Scarcity
Surplus
Shortages
8
If the supply of a product is high, and the demand is low the price will decrease.
False
True
9
What you give up to get something else. All choices have a cost.
Economics
Wants & Needs
Opportunity Cost
Scarcity
10
Scarcity requires people to make decisions on what to use and buy because of...
Limited Resources and Unlimited Wants
Scarcity and Opportunity Cost
Things you desire but can live without.
Unlimited Resources and Unlimited Wants
