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Chapter 1: Economics Flashcards | StudBud
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Chapter 1: Economics
Chapter 1: Economics
24 terms
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StudBud Administration
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80 plays
A #economics #review quiz that reviews the basics of economics
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What is one of the basic questions a society must answer pertaining to economics?
For whom to produce?
What to deduce?
When to be a recluse?
How to reproduce?
2
What part of the circular flow of economic activity is #3?
Individuals
Product Markets
Businesses
Factor Markets
3
Which is one of the factors of production?
capital of Bengahzi
labor
production of a play
land of the living
4
What is one of the basic questions a society must answer pertaining to economics?
For whom to reproduce?
What to produce?
How to deduce?
When to be a recluse?
5
What part of the circular flow of economic activity is #2?
Factor Markets
Individuals
Businesses
Product Markets
6
_____ satisfy an economic use or want.
Utility
Goods
Consumers
Services
7
Which is one of the factors of production?
land of the lost
labor pains
production of a play
capital
8
Which is one of the factors of production?
land
capital of Bangledesh
labor pains
production of a play
9
What does the acronym TINSTAAFL stand for?
There is no such thread as a fierce lady
There is no such thing as a free lunch.
There is no sidereal time as a full luminary
That is noose so tight as a full loop.
10
What book did economist Adam Smith write?
Fire and Fury
The Wealth of Nations
Pride and Prejudice
Where in the World is Carmen San Diago?
11
What song is this?
24K Magic
Who Dat?
Finesse
Weekend
12
Which is one of the factors of production?
land of the dead
production
capital of Bangledesh
labor pains
13
What part of the circular flow of economic activity is #5?
consumer spending
the factors of production
goods and services
Individuals
14
What is one of the basic questions a society must answer pertaining to economics?
When to be a recluse?
How to produce?
For whom to reproduce?
What to deduce?
15
What is the definition of economics?
study of how people satisfy unlimited wants w/ few resources
the study of life
the study of money
the study of the Earth and everything in it
16
_____ are the ones that uses goods and services to satisfy an economic use or want.
Consumers
Utility
Goods
Services
17
What part of the circular flow of economic activity is #1?
Factor Markets
Businesses
Individuals
Product Markets
18
_____ is worth expressed in dollars and cents.
Services
Consumers
Utility
Value
19
What song is this?
The Dumbest Song Ever
Who Dat?
For the Love of Money
Weekend
20
What's the $ value of all final goods & services produced w/in a country's borders in 12 mo?
Nothing is certain
Other People's Property (OPP)
Disposable Income (DI)
Gross Domestic Product (GDP)
21
_____ are economic products that are not tangible or work that is performed for someone.
Consumers
Goods
Services
Utility
22
_____ is the capacity to be useful; it helps to set a value to a good or service.
Services
Consumers
Utility
Value
23
What part of the circular flow of economic activity is #6?
Goods and Services
Individuals
Businesses
the factors of production
24
What part of the circular flow of economic activity is #4?
Factor Markets
Product Markets
Individuals
Businesses
