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Basic Economic Terms
Basic Economic Terms
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Economic Terms
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
According to economics, competition is…
Different economic firms seeking to obtain a share of a limited good
The limited supply of a commodity, which may be in demand in the market
The loss of potential gain when one alternative is chosen over another
A stock of a resource from which someone can get enough of that resource
2
If Mike is selling a T-Shirt, and the demand for his shirts increases but supply stays the same, the equilibrium will
Go Up
Stay the Same
Alternate Erratically
Go Down
3
A country’s money supply dramatically increases corresponding with a drop in the value of said currency, this is...
Inflation
Appreciation
Deflation
Surplus
4
All of these are examples of services, except…
Owning a bike
Catching an Uber
A chef cooking a meal
Buying a plane ticket
5
A factory for making a model of phone is destroyed in a fire leading to stores not stocking as many of that phone is...
Depreciation
Scarcity
Deflation
Supply
6
The relationship between producer and labor could be best characterized as…
Labor is dependent on a producer for payment in exchange for their efforts
A producer is independently successful without labor
Producers own labor and have unilateral control over their actions
Labor controls how a producer markets their product
7
Products sold to another country are referred to as…
Inflation
Competition
Exports
Imports
8
The loss of potential gain from other alternatives when one alternative is chosen is referred to as…
Opportunity Cost
Competition
Trade Off
Inflation
9
This term is defined as items a person buys, such as cars or pens.
Supply
Services
Goods
Demand
10
You buy a rare baseball card, but it accidentally gets put in a washing machine leading to a drop in its value. This is
Depreciation
Scarciy
Trade Off
Deflation
