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