stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Basics Flashcards | StudBud
Explore
/
Economics Basics
Economics Basics
30 terms
·
StudBud Administration
·
111 plays
Review of Fundamental Economics Concepts
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
The fundamental
problem
in economics is
The Product Market
Scarcity
Command Economies
Unlimited needs
2
When people are deciding how much
more or less
to do they are....
thinking critically
avoiding rational thought
creating economic analysis
thinking at the margin
3
A warehouse building is an example of
entreprenuership
capital
Land
labor
4
What is the opportunity cost of getting a Coke from this vending machine when you can only afford one drink?
$1.00
The Coke
The Pepsi
5
Which describes people that benefit from a public good, even if they would not pay.
Tax evader
Free rider
Tax shelter
Free loader
6
How do consumers BEST make their desires known to businesses
boycotting
buying goods
lobbyists
surveys
7
In a circular flow model who buys goods and
sells the factors of production
Households
Firms
8
North Korea, China, and Cuba are all examples of...
Command Economies
Market Economies
9
How are public goods paid for in the US?
Free Riders
The constitution
Donations
Taxes
10
Which economic system gives individuals the most freedom?
command
mixed
market
mid
11
Points "B" and "D" are on the...
Supply Curve
Underutilization line
Apex
Frontier
12
The top half of this chart represents the market for
products, or goods & services
toilet
factors of production or product resources
skibbidi
13
The most desirable alternative forgone when a choice is made
Opportunity Cost
Trade-off
Scarcity
Rational Decision
14
Jim has $10 and can see a movie or get dinner. He gets dinner. What is the opp. cost?
The dinner
The $10 and the movie.
The movie
the $10
15
What type of economy is represented here?
Mixed
Command
Market
Dogwater
16
What is the opportunity cost of moving from "A" to "B"
1 million corn
1 million coffee
2 million coffee
2 million corn
17
Which of the following is
NOT
a productive resource
Land (& natural resources)
Labor
Entrepreneurship
Money
18
In a circular flow model, who sells products and buys factors of production
households
firms
19
Laizzez Faire is associated with
market economies
command economies
mixed economies
traditional economies
20
In reality, most economies are ________________.
Market
Command
Mixed
Seahawks
21
A taxi cab drivers knowledge of the city streets would be considered
Human Capital
Resource
Physical Capital
Land
22
Which point can not be reached without more resources or technology?
C
A
D
B
23
The pollution from this factory represents
a public good
a negative externality
a free rider
a positive externality
24
Which productive resource does this represent?
Land
Labor
Human Capital
Firms
25
Which of the following IS NOT a key economic question
How to produce goods and services
Who will consume goods and services
What goods and services to produce
Who makes decisions
26
Which of the following WOULD NOT cause a PPC to shift right
More technology
More resources
Less population
Training people to use computers
27
Any resource made by humans and
used to create other resources
land
capital
services
labor
28
This man started a business. He represents which productive resource?
Capital
Entrepreneurship
Labor
Land
29
Which point represents underutilization
A
B
C
D
30
Who makes the most decisions for supply & demand in a market economy?
The government
Individuals
Tradition
Individuals and the Government
