How is competition beneficial?

Lowers prices, improves quality

Study of choices to satisfy needs

Limited resources, unlimited wants

Choosing one option over another

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Economics Basics

20 termsStudBud Administration23 plays

Explore the fundamental concepts of economics and learn about different types of economies and their characteristics

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Questions 20

Answers

1
What are Capital Resources?
Natural materials
Tools and equipment
Human labor
Money from investments
2
What are Natural Resources?
Money and technology
Trained workers
Nature resources
Man-made resources
3
Example of trade-off and opportunity cost?
Taking a free sample
Buying a coffee
Sleeping in
Study instead of party
4
Example of U.S. as command economy?
Entrepreneurs starting businesses
Farmers selling crops
Pollution and wage laws
Private grocery stores
5
Costs and benefits in economics?
Unnecessary expenses and luxuries
Always cancel out
What you give up and gain
Always financial and emotional
6
Difference between wants and needs?
Wants are essentials
Needs are required to live
Needs are food and water
Wants and needs same
7
What is a traditional economy?
Based on customs
Driven by stock market
Government control
Latest technology
8
How is competition beneficial?
Lowers prices, improves quality
Reduces businesses
Increases prices
Limits choices
9
What is a mixed economy?
Based on natural resources
No government involvement
Trades with other countries
Blends market and command
10
What is Economics?
Study of past civilizations
Study of choices to satisfy needs
Study of human anatomy
Study of weather patterns
11
What is a market economy?
Government controls businesses
Military decisions
No competition
Free choices of consumers
12
What is Scarcity?
Limited resources, unlimited wants
Unlimited resources
People refuse to share
Too much of everything
13
Example of personal finance budgeting?
Using credit cards
Ignoring monthly bills
Plan to manage income
Spending without tracking
14
Difference between goods and services?
Goods are physical items
Goods are food items
Goods by government
Goods are free
15
Example of U.S. as market economy?
Government-run healthcare
Apple and Amazon competing
Military spending decisions
Public schools funded by taxes
16
What are Human Resources?
Skills and labor
Money in business
Tools and machinery
Natural materials
17
What is a command economy?
Government makes decisions
Driven by consumer choices
Based on traditions
No rules
18
What are opportunity costs?
Time saved
Next best alternative
Money spent on purchase
Discounts during sale
19
What kind of economy is the U.S.?
Market economy
Traditional economy
Command economy
Mixed economy
20
What are trade-offs?
Buying more goods
Choosing one option over another
Getting everything you want
Trading goods for services

Economics Basics Flashcards | StudBud