stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 1: Introduction to Economics Flashcards | StudBud
Explore
/
Unit 1: Introduction to Economics
Unit 1: Introduction to Economics
25 terms
·
StudBud Administration
·
837 plays
Imported from external platform
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
What is the law of demand?
I really should study
As price increases, demand decreases
As price increases, demand increases
As price decreases, demand decreases
2
What is NOT a question an economic society must ask?
What should be produced?
How should we produce it?
Who should produce it?
Whom should be it produced for?
3
What it the law of supply?
Price decreases, supply increases
Price increases, supply increases
I have no idea
Price increases, supply decreases
4
What do we call an innovator in search of profits?
Businessman
Rich
Crazy
Entrepreneur
5
What is the term used to describe the 3 stages of production when adding inputs as increasing, diminishing & decreasing?
Law of supply
Law of variable proportions
Law of production
Law of demand
6
Which is NOT a step in the economic process?
Analyze
Predict
Explain
Define
7
What is the term for anything that goes beyond a primary want?
Primary need
I have no idea
Secondary need
Secondary want
8
What is the economic term for were individuals go to earn their income?
Work
Product Market
Consumer Market
Factor Market
9
Free enterprise includes competition.
True
False
10
What is the economic system that the government controls the factors of production?
Command
Authoritarian
Traditional
Market
11
What is the term for things you need to survive?
Primary wants
Primary needs
Secondary needs
Secondary wants
12
Which is NOT one of the 4 roles of government?
Regulator
Predictor
Protector
Provider
13
What is the term used for the amount of satisfaction you get from the use of a product?
Satisfaction
Usefulness
Elasticity
Utility
14
What is the name of the book written by Karl Marx?
Communism and you
Communist Manifesto
Socialist Manifesto
Communism in 3 easy steps
15
What is the term for what someone gives up in order to get something else?
Choices
Option Cost
Tarde off Cost
Opportunity Cost
16
What is the intersection point of the Demand and Supply curves called?
No clue
Intersection Point
Equilibrium Point
Meeting Point
17
What is it called when private citizens & businesses own the factors of production & make the Who, How & What decisions?
Capitalism
Socialism
Communism
Authoritarianism
18
What is the term for how sensitive the demand for a product is to a change in price?
Utility
Sensitivity
Elasticity
Need
19
Who is credited with the idea of Capitalism?
Robert Smith
John Smith
Adam Smith
Josh Smith
20
Which of the following are factors of production? (click all that apply)
Land
Capital
Labor
Management
21
Who is credited with the idea of a command economic system?
You never told us
Karl Marx
Mrs. Myers
Adam Smith
22
What was the name of the book written by Adam Smith?
Wealth of Nations
Capitalist Manifesto
No clue
Birth of Capitalism
23
You are ready for this test.
False
True
24
Which is NOT a type of Economics System?
Market
Traditional
Authoritarian
Command
25
What is the basic economic problem?
Entrepreneurs
Needs
Scarcity
Money
