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Alissa Economics Quiz Flashcards | StudBud
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Alissa Economics Quiz
Alissa Economics Quiz
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1
What is Macroeconomics?
Study of the Earth
Studies the economy as a personal matter(individual)
Study of the planets
studies the economy as a whole business sector and the public (Global)
2
Who is the Father of economics?
John Locke
Thomas Edison
Adam Smith
Will Smith
3
What is Economics?
how individuals and sociey satisfy their wants with limited resources
how individuals study their jobs and the environment
How people manage their money
The study of cars
4
Economics is all about money
False
True
5
What is Scarcity?
When there is a money shortage
The circumstance in which Wants are UNLIMITED and resources are LIMITED
The curcomstance in which wants are LIMITED and resources are UNLIMITED
When it is hard for an indivdual to find a job
6
What is the PPC (Production Possibilities curve)?
A graph used to illustrate the income of people
A graph used to illustrate the production of plants in a year
A graph used to illustrate the possibilites of jobs in America
A graph used to illustrate the impact of scarcity in an economy
7
What is your marginal cost?
The cost of using one or more unit of good or sevice
The cost of doing a bad service
The cost of how many taxes you pay
How much it costs you to buy a house
8
Whats the economist Toolbox
phones, computers, and cameras
wrench, screwdriver, and drill
Shapes and colors
Data/Statistics, charts and tables, words, graphs and equations.
9
What is your marginal benefit?
The resulting satisfaction gained from the marginal cost
The resulting satisfaction that you lost from the margial cost
the benifits you get when you do something bad for someone
the benifits you get when you do something good for someone
10
What is socialism?
Means of producion and trades should be controlled by just one indivudual
Socialism is socialism
To be social with everyone in the country
Means of production and trades should be owned by the community as a whole
11
What is MicroEconomics
It examins special animals in there habitat
It examins specific indivdual element in an economy
To do economic research while using a microscope
Studies the economy as a whole and the public
12
What is communism?
People having the right to vote
Property is owned by the president and is given out
America
Property is publicly owned and people work and is paid by their abilities
13
What is Capitalism?
When the president controls the countries trade
When everyone in the state has a say on what is going to happen
The people in the Capital of florida
When a countries trade and industry are controlled by Private individuals
14
What is an opportunity cost?
Playing the lotto
Buying something and returning it
The value of something that you gave up to gain something else
Saving money to spend it on something you dream of later
15
What are the 3 main economic questions? (choose 3 answers)
How will it be produced?
Where is it being produced?
For whom will it be produced?
What will be produced?
16
What are the Means of production?
Land, School, Capital, Entrepreneurship
Land, Labor, Capital, Entrepreneurship
Land, Gas, Capital, Entrepreneurship
Land, Candy, Capital, Entrepreneurship
