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Basic Economics Flashcards | StudBud
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Basic Economics
Basic Economics
20 terms
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Basic questions about economics and a few random trivia questions.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which system is centered around doing things the way they have always been done?
Mixed
Traditional
Market
Command
2
___________ is the study of how limited resources are used to satisfy unlimited wants
Supply and Demand
Microeconomics
Macroeconomics
Economics
3
Which of the following is not a characteristic of the American economy?
Freedom of enterprise
Competition
Profit incentive
Government control of resources
4
_____ is the branch of economics that deals with the economy as a whole.
Big business
Microeconomics
Macroeconomics
Economics
5
________ is the branch of economics that deals with the behavior and decisions of individuals.
Macroeconomics
Economics
Microeconomics
Freedom of Choice
6
What is taphephobia?
Fear of guns.
Fear of being tapped on the shoulder from behind.
Fear of whales.
Fear of being buried alive.
7
Someone who suffers from oneirophobia is scared of what?
Cyclops
The number '1'
Being alone
Dreams
8
Who first mentioned the idea of a capitalist economy?
Donald Trump
Thomas Paine
Adam Smith
Scrooge McDuck
9
Sacrificing one product for another is called a(n) _________.
Trade-off
Economic problem
Economic rule
Fish stick
10
The maximum combinations of goods and services that can be produced with limited resources.
Supply and demand curve
Production possibilities curve
Supply possibilities curve
Possibilities flow model
11
Which system is focused on the freedom of choice?
Command
Market
Supermarket
Traditional
12
Laissez-faire means __________.
Lazy and free
Less fair
Lassie and Free Willy
Let people do as they choose.
13
The value of the next best alternative given up for what was chosen is the _________.
Trade-off
Cost of production
Opportunity cost
Choice
14
Which of the following is NOT a factor of production?
Money
Capital
Entrpreneurship
Labor
15
What film is "Hello, my name is Inigo Montoya. You killed my father. Prepare to die." from?
The Sword in the Stone
The Princess Bride
Pirates of the Caribbean
Harry Potter
16
Which of the following is NOT a type of economic system?
Market
Traditional
Command
Supermarket
17
What is the basic problem of economics?
Unemployment is rising.
Not enough money.
Debt
Scarcity
18
Which of the following is NOT a need?
Tent
Cell phone
H2O
Pizza
19
Which of the following is NOT a want?
iPhone 6+
A house
Gibson Les Paul guitar
2015 Toyota 4Runner
20
Which is NOT one of the three basic questions of economic systems?
Why should the product be produced?
For whom should the product be produced?
How should the product be produced?
What should be produced?
