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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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An introduction to Economics
Flashcards
36 cards
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Practice quiz
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Questions
36
Answers
1
an economy in which parts of the economy are privately owned and parts owned by the government
Traditional Market
Mixed Economy
Command Economy
Market Economy
2
an economy in which the means of production are publicly owned
market economy
Economy Cycle
command economy
Traditional Economy
3
In the mixed economy
economic questions are solved by government departments
economic decisions made by the privatesector and free market
economic allocation is achieved by the invisible hand
economic problems are solved by the government and market
4
work based on the season ex: lifeguard, farm, construction, ski resort
Seasonal unemployment
structural unemployment
Unemployment
frictional unemployment
5
How much of a product or service is available for people to buy
Demand
Supply
6
set of laws adapted by some states to stop making union membership a requirement of employment
medicare
right to work
elasticity of demand
mandatory spending
7
money loses its value & can lead to price increase *wage spiral
Value incentive
Money loss
inflation
Affirmative Action
8
an economy where resources are distributed mainly through families
Mixed Economy
market
Traditional Market
Command Economy
9
Normative economics forms ___________ based on _____________
positive statements, facts
positive statements, values
opinions, personal values
opinions, facts
10
How much of a product or service people are willing to buy
Supply
Demand
11
The opportunity cost of a good is
the expenditure on the good
the loss of interest in using savings
quantity of othergoods sacrificedto get another unit of good
the time lost in finding it
12
Oil is a ____________
Renewable
Nonrenewable
13
Land (trees) Labor (cheesemaker) capital (human made product or human knowledge)
Factors of production
resource
Support material
product
14
Plants are a _____________
Nonrenewable resource
Renewable resource
15
A command economy decides resource allocation by government planning
False
True
16
Economics is the study of
consumption decisions
the best way to run society
production technology
how society decides what, how, and for whom to produce
17
Microeconomics is concerned with
the study of individual economic behaviour
the economy as a whole
the electronics industry
the interactions within the entire economy
18
how a society decides on the ownership and distribution of its economic resources
Economic Source
Economist
Economic System
Economic Cycle
19
We know the quantity of a product that buyers wish to purchase at each possible price
Excess demand
Demand
Excess Supply
Supply
20
income received by the government from our taxes
fixed income
revenue
progressive income
income
21
Macroeconomics is the study of ___________________
household purchase decisions
the relationship between different sectors of the economy
individual building blocks in the economy
The economy as a whole
22
an economy in which most of the means of production are privately owned
Traditional economy
Command Market
market economy
Economy Cycle
23
A market can accurately be described as
process which prices adjust reconcile allocation of resource
a place to buy things
a place where buyers and sellers meet
a place to sell things
24
A resource is scarce if supply exceeds demand at zero price
True
False
25
Supply is the quantity of a good sellers wish to sell each time the market opens
True
False
26
A real value can be derived from a nominal value by
adjusting for population changes
adjusting for changes in prices
adjusting for changes over time
adjusting for data collection errors
27
A legal maximum on the price at which a good can be sold. This leans to a shortage.
Price equilibrium
Price floor
surplus
price ceiling
28
Positive economics studies objective explanations of the workings of the economy
True
False
29
renewable resources
a resource that is always available naturally
A resource that sometimes is available naturally
a resource that is never available naturally
A resource that is man made
30
An economic model is a physical representation of an economy
False
True
31
more than what you need
Surplus
Supply
Support material
Demand
32
The retail price index is used to ______________
construct price lists
none of the above
measure changes in the cost of living
compare shop prices
33
In a free market __________ ___________
governments interfere
prices adjust to reconcile scarcity and desires
governments intervene
governments plan production
34
to send a product produced in one country to another country
Supply
Demand
Export
Import
35
human knowledge & experience/skill ex: writing, reading, typing
Capital
Physical Capital
Factors of production
Human Capital
36
On a graph, a positive linear relationship
moves down to the right
moves up to the right
moves up to the left
moves down to the left
