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Economics - the Basics Flashcards | StudBud
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Economics - the Basics
Economics - the Basics
20 terms
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StudBud Administration
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basic foundations of economics
Flashcards
20 cards
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Questions
20
Answers
1
what affects the quantity supplied?
all of the above
taxes
price
weather
2
According to Law of Supply, as price decreases, the quantity supplied will
stay the same
decrease
increase
3
Produced goods that can be used as resources for further production are know as
resources
services
capital
goods
4
In a real world market
prices rise when a surplus occurs
Prices fall when a surplus occurs
prices fall when a shortage occurs
surplus and shortages do not affect the price
5
People trying to buy water before a hurricane find the stores are sold out - an example of a
scarcity
surplus
shortage
6
Example of microeconomics would be
international trade
government spending
personal checking account
7
buying a cheaper generic brand when price of original goes up is an example of
opportunity cost
complement
substitute
trade off
8
Economics is the study of how people
calculate taxes
gain knowledge and skills from study and experience
respond to wars and drought and crisis
choose from limited resources to meet their needs
9
price floor is set where in relation to equilibrium?
above
below
10
soccer balls and shin guards are an example of
complements
substitutes
services
11
Giving up one alternative for another; something gained, something lost is example of:
opportunity cost
capital
trade-off
incentive
12
The more utility (satisfaction) you receive from a good
has no affect on price
the less you will pay for it
none of the above
the more you will pay for it
13
What is opportunity cost?
a trade off
value of next best alternative
factor of production
14
In economics, law of demand means
ability to buy a good
willingness and ability to buy a good
willingness and desire to buy a good
desire to buy a good
15
if the number of buyers in the market increases what do we KNOW will happen?
demand will increase
supply will increase
demand will decrease
supply will decrease
16
a store notices that a particular style of board shorts is not selling at the price set may
discontinue carrying the board shorts
lower price of board shorts
both 1 and 3
raise the price of the board shorts
17
a price ceiling is usually set to assist the
producer
consumer
18
a resource that is non renewable relates to.... because it is permanent
scarcity
shortage
19
shortages occur when
people can't produce goods and services at current price
US imports more than exports
interest rates go up
unemployment is high
20
resources used to make goods and services are called
Factors of production
Opportunity cost
Gross national product
Production possibilities
