Basics of Economics review 2025

This principle says that we should focus on what we are good at and trade for goods/services that we do not produce

This theory said that people will people will act in self-interest and take advantage of shared resources.

This economic system takes elements of two or more economies.

What is the Quantity supplied at $3?

Government subsidies would be a shifter of

This is the idea that even if something is "free", it costs someone else something

This is a business with one owner.

This theory says that people will act in self-interest and use up publicly owned/shared resources.

Sending work overseas to cut production costs is an example of what?

Giving up one thing for another

In this type of economic system, the government controls everything.

This type of company is its own legal entity.

Lower production costs and improving the economy of other countries are both

This is a business that has control over an industry.

Trees from a forest are an example of what factor or production?

He wrote "The Wealth of the Nations" and said that people naturally act in self-interest.

What occurs at $7 in the graph?

An increase in personal income would be a shifter of

This says that as the price of a good increases, demand for the good will decrease

This is a business with two or more owners.

Machinery to produce an item is an example of

The fundamental problem of economics is

Scarcity affects whom?

Paying a student to do their homework, and then that student cheating to complete their work demonstrates

What is the price at equilibrium in this graph?

What occurs at $3 in the graph?

This is what you give up when you make a tradeoff

This principle analyzes the effects of a little bit more of something or a little bit less of something

This allows us to focus on what we are good at.

Giving a student money to complete their homework is an example of a/an

Using amazon to purchase goods is an example of which economic principle?

Would the availablity of raw materials affect supply or demand?

This says that as price increases, supply will increase

Loss of jobs in the US and lack of control over production are both

Bill Gates is an example of what Factor of Production?

Sending work overseas to China is an example of

Which of the following is a NEGATIVE Incentive for a teacher trying to get their students to do homework?

The prices of related goods is a determinant of

This type of economy is based on competition between businesses.