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BASICS OF ECONOMICS Flashcards | StudBud
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BASICS OF ECONOMICS
BASICS OF ECONOMICS
10 terms
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StudBud Administration
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An introduction of the basics of economics
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
a measurement of how well the economy is going
GDP
LTD
CPI
ABC
2
an example of a need and want is
laptop, water
air, pair of jeans
water, food
laptop, iPhone
3
Allocation of markets refers to the way
how resources are made and sold
resources are distributed in the economy
exchange of goods
what consumers buy and sell in a market
4
Interdependence refers to the
relationship between business and government
relationship between individuals
relationship between consumers and firms
the way we rely on others to satisfy our needs and wants.
5
Economics is a
Economics is the study of how the world works.
Economics is the study of economics and business.
How we satisfy our wants.
Is the study of how people use limited resources on Earth.
6
the four factors of production are
capital , enterprise, labour, resources
land, labour machinery, business
land, resources, business, machinery
land,labour,capital, enterprise
7
the best alternative forgone is also known as
economic problem
scarcity
making choices
opportunity cost
8
The economic problem is caused by
unlimited resources, not enough wants
limited resources, too many needs and wants
unlimited wants and too many needs
limited resources, not enough wants
9
scarcity is caused by
too many resources
unlimited needs and wants
too many goods and services
limited needs and wants
10
specialisation and trade occurs
its lots of fun
countries are unable to produce everything
countries can make lots of $$$
makes sense to focus on a special type of production
