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Basics of Economics
Basics of Economics
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Unit 1 Basics of Economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
True or False? Laissez-faire economics prevents the creation of monopolies
False, let it do
True, it is a government policy
2
A demand curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
3
In an oligopoly, you have _____ firms that control _____ of the market
Many; little
Few; little
Many; most
Few; most
4
tasks that you pay other people to perform
goods
services
5
which of the following is not one of the 3 main economic questions
for whom were producing for
what to produce
how to produce
where to produce
6
economic system where the government owns and controls most of the resources
market economy
mixed economy
command
traditional
7
When supply decreases the supply curve shifts
Left
Right
8
A movement along a demand curve is caused by
a change in tastes and preferences
a change in income
a movement in a supply curve
a change in the price of the good
9
All of the following are factors of production, except
labor
capital
income
land
10
In supply and demand,
supply
means
the amount of something that people want to sell.
the amount of money people want to spend.
the same as demand.
something you give people before they ask for it.
11
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
12
What you are missing out on when you make a choice
opportunity cost
miss outs
ratio
trade-off
13
In a mixed economy....
all economic decisions are made by the government
all economic decisions are made by the free market
production is determined by gov planning and individual choice
production is determined by family tradition and individual freedom
14
Market Equilibrium is when the demand curve?
Is at its lowest value
Meets the Supply Curve
Is at its highest value
When there is a steady supply
15
True or False: people typically make decisions based on which option has the most benefits
false
true
16
True of False: Competition exists because of scarcity
true
false
17
economic system where the governments role is minimal and buyers/sellers make most if not all decisions
totalitarianism
communism
market economy
traditional economy
18
What is economics? the study of
the allocation of unlimited resources to meet limited needs
the allocation of unlimited resources to meet unlimited need
the allocation of limited resources to meet unlimited needs
the allocation of limited resources to meet limited needs
19
This is an example of a limited resource
oil
trees
air
mud
20
What happens to the supply curve when the number of sellers decrease?
It shifts left
No change
It shifts right
The price decreases
21
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
demand, supply
quantity, demand
price, supply
price, quantity
22
condition where our wants are greater than the resources
scarcity
want
resource
allocation
23
People who develop an idea and seek out resources are called?
entrepreneurs
capital
labor
sharks
24
________ is shown above and ___________ is below the point of equilibrium?
Surplus, Shortage
Shortage, Scarcity
Shortage, Surplus
Supply, Demand
25
What does a demand curve show
The products
Nothing
amount the buyers are willing to purchase from the price
Amount buyers negotiate on
