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Unit 1: Basic Economic Concepts Flashcards | StudBud
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Unit 1: Basic Economic Concepts
Unit 1: Basic Economic Concepts
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1
Microeconomics focuses on...
there is no right answer
country, a continent, or even the whole world
how individual consumers and firms make decisions
studies an overall economy on both a national and international level
2
What is Entrepreneurship
Promoting a product with different means of advertising
Purchasing rights to a company to create your own branch
creating a business, willing to take financial risks with hopes of profit
Making purchases from a small business
3
All of the following are shifters of demand EXCEPT:
Tastes and Preferences
Changes in Income
Number of Producers
Price of Related Goods
4
capitalism
soviet zones
everythign u haft to trade for
anying is open competion
private ownership of trade and production profit
5
Which county has a mixed economy?
Canada
Cuba
United States
All of the above
6
Trade offs are?
Government decision between defensive or offensive tactics
Trading goods and services with another country
Act of giving up one benefit for another greater one
Trading Pokemon cards
7
Specialization encourages trade between countries. What does specialization mean?
Focusing on something that your country produces well
Thinking of your own country as being more important
Making everything while the other countries don't make anyth
8
Socialism Is?
The Opposite Of Communism
One leader in charge and citizens have no rights
Everything owned by the country is distributed evenly
Citizens vote and have most of the power
9
What is behavioral economics?
The Study of what people think, feel, do and how they act
Conditioning others
Solving other peoples problems
Asking how "that makes you feel?"
10
Calculate oppurtunity cost (loss of military goods to make consumer goods) of highlighted row
8,000
12,000
0
2,000
11
Any point outside the production possibilities curve...
Is unattainable.
Represents unused resources.
I attainable only if prices fall.
Is attainable only if prices rise.
12
What is equilibrium price?
The determined place where the demand stops
The determined place where the supply & demand curves cross
The demand curve alone
The determined place where the supply curve stops
13
What's the opportunity cost in this scenario?
The ability to go swimming
The money she could have earned.
The sleep she could have had.
14
The study of people and choices
Economics
US History
Physics
Government
15
Our wants are unlimited, however, our resources are limited. This is called 'scarcity.'
True
False
16
What do subsidies lower?
Price
Supply
Blood Pressure
Demand
17
Needs are...
Things that individuals use on a daily basis
Things individuals desire
Things individuals could die from
Things individuals must have in order to sustain life
18
The substitution effect and the income effect describe
choices that producers make to improve goods.
factors that influence consumer buying choices.
how income changes when buyers change jobs.
market changes that affect production of goods.
19
Country A has an absolute advantage producing:
trucks
neither cars nor trucks
cars and trucks
cars
20
What are the four Factors of Production?
labor, land, demand, opportunity cost
land, labor, capital, entrepreneurship
demand, labor, land, supply
land, labor, capital, ownership
21
What are incentives?
Trade off
Unintended Consequences
A thing that doesn't motivate us to do something
A thing that motivates or encourages one to do something
22
Production Possibilities Curve
a graph that shows the curve
a curve
shows alternative ways to use economy's productive resources
23
Absolute Advantage is when...
A nation produces most goods at the same capacity
One nation produces goods at an inferior and superior level
One nation defeats another in the Olympics
One nation produces two products better than another
24
macroeconomics
focuses on the study of economics as a whole
focuses on the study of individuals
focuses on the study of businesses
focuses on the study of households
25
The US uses a mixed economy
True
False
26
opportunity cost
cost of operating a business
earning the best profit possible
cost of selling a business to begin another
cost of choosing one opportunity or investment over another
27
Diminishing marginal utility means that, as you
hire more labor, the marginal product begins to fall
consume more, the additional satisfaction from each unit tends to fall
hire more labor, the total amount produced begins to fall
consume more, the total satisfaction you obtain tends to fall
