How much is made over a certain business period.

Vargas Econ Vocab Flashcards

1

What is it called when Supply and Demand meet?

Equilibrium
Opportunity Cost
Profit
Equilateral

2

What kind of economy is Australia?

Mixed
Free Market
Command
Traditional

3

Which on of these is an economic resource?

Dinosaurs
Coal
Axes
A person who does a job

4

What is a natural resource?

Brick
Electricity
Steel
Tree

5

What is the definition of scarcity?

The opportunity cost.
Total revenue minus cost.
What you make.
Not being able to satisfy all wants at the same time.

6

What is an ex. of traditional economy?

North Korea
African village
United States
Australia

7

What does Price mean?

All
The cost of something
Where demand and supply meet.
The amount of currency you pay for a supply

8

What is Free Market?

Driven by government
Driven by consumers
Driven by the sun
Driven by Vargas

9

If supply increases what and the demand stays the same what happens?

Price goes down and quantity goes up
Price goes up
Price goes down and quantity goes down
Quantity goes down

10

Which two are economic resources?

Varga
Labor
Natural
Entrepeneurship

11

What is revenue?

Total revenue minus cost
Money taken out of your paycheck to be put towards the gov
How much is made over a certain business period.
Cost of something

12

Which is an example of a mixed country?

Australia
North Korea
United States
Vargas World

13

What is opportunity cost?

The amount of money you get.
Selection between two items.
What you gain when a choice is made.
What is given up when a choice is made.

14

Give an example of an incentive?

Buy One Get One Free
Superbowl
White Friday
The power of love!

15

What's a primary resource?

Home Depot
Your cousin
Lumberjack
Factory

Vargas Econ Vocab

Questions 15

Vargas Econ Vocab

Questions 15