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Duplicate of Duplicate of Basics of Economics
Duplicate of Duplicate of Basics of Economics
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StudBud Administration
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Unit 1 Basics of Economics
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
All choices present are called your trade offs
True
False
2
condition where our wants are greater than the resources
resource
want
scarcity
allocation
3
Which of the following is an example of capital?
oil
Steve Jobs
Hammer
tree
4
tasks that you pay others to perform
goods
services
5
Next best thing...
opportunity cost
miss outs
ratio
trade-off
6
In a mixed economy....
all economic decisions are made by the free market
all economic decisions are made by the government
production is determined by gov regulations and individual choice
production is determined by family tradition and individual freedom
7
Trees are an example of Labor
False
True
8
In supply and demand,
supply
means
the amount of something that people want to sell.
the amount of money people want to spend.
the same as demand.
something you give people before they ask for it.
9
What is economics? the study of
the allocation of unlimited resources to meet limited needs
Study of how to firms, people, businesses use their resources
the allocation of unlimited resources to meet unlimited need
the allocation of limited resources to meet limited needs
10
Market Equilibrium is when the demand curve?
When there is a steady supply
Meets the Supply Curve
Is at its highest value
Is at its lowest value
11
Surplus is above the equilibrium?
False
True
12
People who develop an idea and seek out resources are called?
sharks
capital
entrepreneurs
labor
13
This is an example of a limited resource
air
mud
trees
oil
14
economic system where the government owns and controls all of the resources
traditional
command
mixed economy
market economy
15
economic systems where the governments role is non exsistent and buyers/sellers make most decisions
communism
mixed economy
free market
totalitarianism
16
which of the following is NOT one of the 3 main economic questions
how to produce
where to produce
what to produce
for whom were producing for
17
All of the following are factors of production, except
land
labor
capital
income
18
When supply decreases the supply curve shifts
Left
Right
19
True of False: Competition is good for the consumer
true
false
20
The United States has a mixed economy
True
False
