stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Basic Economic Concepts Flashcards | StudBud
Explore
/
Basic Economic Concepts
Basic Economic Concepts
20 terms
·
StudBud Administration
·
1,510 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Another term that means that there is a "free- market" is...
loozi- poor
limpy- frog
laissez- faire
lazey- fun
2
Buyers make decisions about what to be produced refers to...
freedom of choice
competition
freedom of enterprise
private property
3
Why is competition beneficial to consumers?
It keeps prices low.
It allows businesses to make profit.
It does not allow businesses to make profit.
It keeps prices high.
4
The four factors of production are land, capital, entrepreneurship and...
labor
natural resources
market
mixed
5
In this type of economic system, property is owned by individuals and not the government
capitalism
socialism
traditional economic system
communism
6
In what type of economic system does the government own the factors of production?
capitalism
socialism
traditional
communism
7
A person who starts a new business is a(n)...
entrepreneur
capitalist
profit incentive
businessman
8
Water is an example of...
capital
labor
land
entrepreneurship
9
What are the three basic economic questions?
what to produce; why to produce; for whom
where to produce; how to produce; for whom
why to produce; where to produce; what to produce
what to produce; how to produce; for whom
10
The basic economic problem that results from a having limited resources and unlimited wants is
opportunity cost
choices
marginal cost
scarcity
11
Will you ace your economics test tomorrow?
Without a doubt!
Yes!
Duh!
Of course!
12
The word "marginal" in economics means....
decreasing
profitable
increasing
additional
13
Machines are an example of...
land
labor
capital
entrepreneurship
14
In economics, doing one thing instead of another is called a...
trade-off
decision
scarcity
market system
15
An office building is an example of...
entrepreneurship
capital
labor
land
16
Any work that people do to produce a good or service is...
labor
land
capital
entrepreneurship
17
The production of distribution of goods and services in a society is the definition of
scarcity
trade- offs
economics
economic systems
18
What type of economic system allows for personal freedom?
capitalism
socialism
communism
traditional
19
Almost all economic systems today are...
traditional
market
mixed
command
20
The value of the next best alternative when you make a decision is called...
trade- off
opportunity cost
economics
scarcity
