stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Flashcards | StudBud
Explore
/
Economics
Economics
9 terms
·
StudBud Administration
·
348 plays
Basic Economics concepts
Flashcards
9 cards
F
Practice quiz
P
Host live
L
Questions
9
Answers
1
__?__ is an economic system where all property is owned in common by the government.
Capitalism
Community
Socialism
Communism
2
In the law of supply and demand, what could cause an increase in demand?
All of the above
Advertisers create a buzz about how great a product will be
Company keeps supply low to create feeling of being left out
Prices have been dropped to help make good more affordable
3
Economics is the __?__
All of the above
way countries decide how to produce and distribute goods
way people make a living
way governments help control production and consumption
4
Business that is essential for a nation to function like transportation, utilities, etc are _?_
Basic Business
Communal Business
Non Basic Business
Capital Business
5
To keep prices where a company can make profit, supply and demand curves should be at _?_
Equilateral
Equidistant
Equinox
Equilibrium
6
__?__ is an economic system where all business is privately owned; owners hope to turn a profit
Communism
Capitalism
Capital City
Socialism
7
When a person gives up something in return for being able to do something else, this is _?_
Manufacturing
Scarcity
Opportunity Cost
Equilibrium
8
__?__ is a system where basic business is run by govt but non basic business are privatly owned
Socialism
Capitalism
Society
Communism
9
In the law of supply and demand what happens when the supply is too high?
Prices will go up since more people will demand it
Prices will stay the same since it is no big deal
Prices will go down since there would be too many leftovers
Prices will go down since people will rush out to buy it