Home Library Explore SAT

Home Library Explore SAT

Unit 1 Econ Basics Review Flashcards | StudBud

Explore/Unit 1 Econ Basics Review

Unit 1 Econ Basics Review

10 terms·StudBud Administration·49 plays

Imported from external platform

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
The four major themes the you find throughout economics are:
profits, banking, exchanges & incentives
natural, human & capital resources with entrepreneurship
interdependence, incentives, voluntary exchange & scarcity
consumers, producers, productivity & having fun
2
There are two basic kinds of products...
goods & services
voluntary and involuntary exchanges
natural and human resources
good and bad products
3
What are the three different types of economic exchange?
Credit Cards, Change & Handshakes
Credit, Money & Barter
Banks, Stores & Groceries
Bribe, Buy & Steal
4
There are two kinds of decision makers in an economy...
generous & stingy
consumers & producers
rich & poor
nice & mean
5
Which of the following are NOT ways to increase productivity?
division of labor
specialization
sleeping all day
investing in human resources
6
Our basic economic problem is:
Unlimited resources
Limited wants
Scarcity
Too much money
7
Which of the following is NOT one of our basic economic questions?
For whom to produce?
How to produce it?
How to avoid bankruptcy?
What to produce?
8
Productivity is the level of output we get from a given level of...
inputs
brainpower
effort
money
9
Four factors of production are:
natural, human & capital resources with entrepreneurship
factories, workers, steel & innovation
scarcity, voluntary exchange, incentives & interdependence
water, air, plants & animals
10
Scarcity causes us to make _________________________________
trade offs
the most of what we have
choices
good decisions