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5-1 Intro to Economics -Ruhrer Flashcards | StudBud
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5-1 Intro to Economics -Ruhrer
5-1 Intro to Economics -Ruhrer
20 terms
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StudBud Administration
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220 plays
Review the concepts
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
What is the non-monetary opportunity cost of attending college?
Less time to spend with friends
Saving for a car
Money spent for tuition
Getting a job
2
All choices entail an opportunity cost
False
True
3
The limited nature of society's resources is known as
Basic Economic Questions
Scarcity
Allocation
Government Assets
4
The production of goods and services results in a decision about how they are
Distributed
Input
Income
Output
5
Who dictates demand in a free market economy?
Producer
All answers are correct
Seller
Consumer
6
Opportunity cost is...
The last option when we make a decision
The decision making process
The first option chosen when we make a decision
The second best option not chosen when we make a decision
7
An opportunity cost is
the item you gave up to purchase the item you chose.
the overall cost of all expenses
the interest on unpaid bills.
the cost of buying instead of saving
8
A market economy
offers a high degree of certainty for its worker
is guided by personal goals and benefits
limits the choices of goods and services available
permits extensive government intervention
9
Buyers help determine price in a market economy by
How they are taxed
How much they value the dollar over other currencies
How much they demand a product and are willing to spend
How much they produce as households
10
What is scarcity?
Having too many resources
Having more wants than resources
Not wanting any goods or services
Choosing not to make decisions
11
Economics is the study of
People allocating limited resources to satisfy unlimited wants
Government deciding what to produce
People controlling money in an economy
Consumers deciding what to buy
12
Supply and Demand
Demand is up price is high; demand is low price is low
Demand is up price is up; demand is low price is up
Demand is up price is up; demand is low price is low
Demand is up price is low; demand is low price is low
13
The three basic economic questions are: What to Produce, How to Produce and ...
Who gets to consume?
Who produces?
How to produce?
What to consume?
14
What is Capital Resources
The things used to produce goods and services
People who make the goods and services for which they are paid
Meet societyś changing wants and needs
All the ecomic resources necessary to produce a societyś goods and services
15
Why should we study Economics?
to help us get to sleep
to become better decision makers
to describe our standard of living
to increase consumption of consumer goods
16
The four productive resources are
Land, labor, water, and people.
Natural resources, capital and Labor
Stones, clothespins, plastic baggies & straws.
Resources, productivity, tools, and technology.
17
Economics is the study of
Consumers deciding what to buy
Government deciding what to produce
People controlling money in an economy
The study of how people make decisions with limited resources
18
Labor refers only to the number of workers available, not their skills or abilities.
true
I'm hungry
maybe
false
19
Which type of economic system is based on habits and customs?
Market economy
Mixed economy
Traditional economy
Command economy
20
Which of the following is a possible opportunity cost of buying a new pair of $60 sneakers?
The $60 was a sale price, so the real value of the sneakers is $100
The $60 could not be spent on a new jacket
The $60 was a bad decision because the sneakers barely get worn
The $60 was a good decision because the sneakers get a lot of use
