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Economic Principals and Systems Flashcards | StudBud
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Economic Principals and Systems
Economic Principals and Systems
20 terms
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StudBud Administration
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economic principals
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
This is an example of a...
entrepreneurial resource
natural resource
capital resource
human resource
2
When something is
scarce
that means there is...
it does not exist
a limited supply of it
you cannot buy it
an unlimited supply of it
3
Which of these is an example of an incentive?
teaching a class of students
Pride Tickets for answering questions
yelling at a kid for not finishing their homework
eating a dessert
4
What is opportunity cost?
Your next best option
The item you cannot afford
The item you bought
5
This is an example of which concept we talked about?
scarcity
choice
incentives
opportunity cost
6
You go to the mall and buy a new iPhone instead of a pair of headphones...the headphones are...
your scarcity
your opportunity cost
your benefit
your human resource
7
The more _______________ somebody has the more goods and services they can buy.
capital
scarcity
money
productivity
8
If people are demanding a lot of a rare product the price of that item will...
go up
go down
stay the same
9
When price goes down, normally the demand will...
stay the same
go down
go up
10
When you make a choice about how to spend your money or your time you must think about...
costs
opportunity cost
ALL OF THESE
benefits
11
Which of these factors determines what is produced (made) in the U.S.?
what people ARE NOT buying
What people are demanding
What the government wants made
12
He is an example of a...
natural resource
service
capital resource
good
13
When the price goes up the supply will...
stay the same
go up
go down
14
What is capital resource?
money
machinery
customers
15
These are an example of...
choices
services
goods
scarcity
16
Somebody who starts a business is a...
producer
consumer
entrepreneur
customer
17
When you consume a product you are...
buying it
making it
selling it
18
Production is when...
somebody destroys something
somebody makes something
somebody buys something
19
Which of these resources is unlimited?
air
water
none
oil
20
Economics is the study of...
Money
People making choices about limited resources
The stock market
Prices of products
