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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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What I've taught as of this moment in 2015
Flashcards
10 cards
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Questions
10
Answers
1
The study of how people make choices amongst scarce resources
political science
supply and demand
socialism
economics
2
Economic system which has strong controls on the economy but also private property
mixed economy
market economy
traditional economy
command economy
3
That which is given up when purchasing something else
wants
scarcity
profit
opportunity cost
4
His book The Wealth of Nations defined market economics for the first time (known for the term invisible hand)
Alan Greenspan
Adam Smith
Benjamin Franklin
Karl Marx
5
Economy system where the government makes important decisions regarding the economy
traditional economy
mixed economy
market economy
command economy
6
The condition resulting from unlimited wants with limited resources available
scarcity
interest
opportunity cost
capital
7
Type of economy where things are done the way they have always been done
market economy
mixed economy
traditional economy
command economy
8
The economic side effect of a business emitting a great deal of pollution is known as a
Neutral Externality
Pollution Externality
Negative Externality
Positive Externality
9
Economic system where buyers and sellers interact to determine who gets what
command economy
free market economy
traditional economy
mixed economy
10
An economic system where the government charges very high taxes and provides many services
communism
democracy
capitalism
socialism
