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Duplicate of Basics of Economics
Duplicate of Basics of Economics
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Unit 1 Basics of Economics
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What does a demand curve show
amount the buyers are willing to purchase from the price
Amount buyers negotiate on
Nothing
The products
2
Market Equilibrium is when the demand curve?
Meets the Supply Curve
When there is a steady supply
Is at its lowest value
Is at its highest value
3
People who develop an idea and seek out resources are called?
sharks
labor
capital
entrepreneurs
4
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
5
What you are missing out on when you make a choice
trade-off
miss outs
ratio
opportunity cost
6
condition where our wants are greater than the resources
allocation
scarcity
want
resource
7
What is economics? the study of
the allocation of unlimited resources to meet unlimited need
the allocation of unlimited resources to meet limited needs
the allocation of limited resources to meet limited needs
the allocation of limited resources to meet unlimited needs
8
Surplus and shortage is shown above and below point of equilibrium?
False
True
9
All of the following are factors of production, except
land
labor
income
capital
10
A movement along a demand curve is caused by
a change in tastes and preferences
a change in the price of the good
a movement in a supply curve
a change in income
11
economic system where the government owns and controls many of the resources
traditional
market economy
command
mixed economy
12
What happens to the supply curve when the number of sellers decrease?
It shifts right
No change
No change
It shifts left
13
In supply and demand,
supply
means
something you give people before they ask for it.
the amount of something that people want to sell.
the amount of money people want to spend.
the same as demand.
14
True or False: people typically make decisions based on which option has the most benefits
True
false
15
True of False: Competition exists because of scarcity
true
false
16
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
price, quantity
quantity, demand
price, supply
demand, supply
17
When supply decreases the supply curve shifts
Left
Right
18
This is an example of a limited resource
mud
trees
air
oil
19
In a mixed economy....
all economic decisions are made by the government
all economic decisions are made by the free market
production is determined by family tradition and individual freedom
production is determined by gov planning and individual choice
20
which of the following is NOT one of the 3 main economic questions
for whom were producing for
what to produce
how to produce
where to produce
21
tasks that you pay others to perform
services
goods
22
In an oligopoly, you have _____ firms that control _____ of the market
Few; little
Many; little
Few; most
Many; most
23
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
24
economic systems where the governments role is non exsistent and buyers/sellers make most decisions
totalitarianism
communism
mixed economy
free market
