stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Basic Economics Flashcards | StudBud
Explore
/
Basic Economics
Basic Economics
14 terms
·
StudBud Administration
·
124 plays
Basic questions about economics.
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
What is the basic problem of economics?
Scarcity
Not enough money.
Unemployment is rising.
Debt
2
The value of the next best alternative given up for what was chosen is the _________.
Trade-off
Opportunity cost
Choice
Cost of production
3
Which one of the following is not one of the four key elements to the study of economics?
Explanation
Description
Prediction
Criticizing
4
_____ is the branch of economics that deals with the economy as a whole.
Big business
Economics
Microeconomics
Macroeconomics
5
Which of the following is NOT a want?
2015 Toyota 4Runner
Gibson Les Paul guitar
iPhone 6+
A house
6
Which of the following is NOT a need?
H2O
Tent
Pizza
Cell phone
7
Sacrificing one product for another is called a(n) _________.
Trade-off
Fish stick
Economic problem
Economic rule
8
________ is the branch of economics that deals with the behavior and decisions of individuals.
Economics
Freedom of Choice
Microeconomics
Macroeconomics
9
Which of the following is not a characteristic of the American economy?
Freedom of enterprise
Government control of resources
Profit incentive
Competition
10
Who first mentioned the idea of a capitalist economy?
Donald Trump
Thomas Paine
Adam Smith
Scrooge McDuck
11
Which is NOT one of the three basic questions of economic systems?
Why should the product be produced?
For whom should the product be produced?
How should the product be produced?
What should be produced?
12
___________ is the study of how limited resources are used to satisfy unlimited wants
Supply and Demand
Economics
Microeconomics
Macroeconomics
13
Laissez-faire means __________.
Lazy and free
Less fair
Lassie and Free Willy
Let people do as they choose.
14
Which of the following is NOT a factor of production?
Entrpreneurship
Money
Labor
Capital
