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Economics Fundamental Concepts Flashcards | StudBud
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Economics Fundamental Concepts
Economics Fundamental Concepts
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#economics #fundamental #concepts #grade12
Flashcards
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Questions
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Answers
1
Which broad econ goal is geared towards making the best use of a society's resources?
Stability
Freedom
Efficiency
Growth
2
Which of the following goals is NOT associated with a market economy?
Growth
Freedom
Equity
Efficiency
3
Which of the following is NOT one of the 3 Key Questions of economics?
How to produce?
For whom to produce?
What to produce?
When to produce?
4
Who/What answers the 3 Key Questions in a command economy?
Producers and Consumers
Business Owners
Supply and Demand Forces
The Government
5
Specialization, division of labor, and investment in technology/education are all ways to...
...decrease government regulation
...increase productivity
...increase stability
...decrease profitability
6
Using the PPC above, if the manufacturer wishes to move from point C to A, what is the opp cost
5 Trucks
5 Boats
4 Boats
4 Trucks
7
Which broad goal of economies is geared towards allocating resources 'fairly' and 'evenly'?
Security
Stability
Equity
Freedom
8
Purchasing a new tractor is an investment in which of the 4 factors of production?
Land
Capital
Entrepreneurship
Labor
9
Ron B. Risky just opened a new corndog stand. Ron would be considered a(n)...
monopoly
stock broker
consumer
entrepreneur
10
After a gas line break the gov't steps in to prevent price gouging, this is an example of...
private ownership
consumer soveriegnty
profit motive
government regulation
11
Which of the following represents a key role of a government in a mixed market economy?
allocate resources
resolve market failures
decide how to produce
decide what to produce
12
The end result of increasing productivity is that it leads to...
government deregulation.
more economic equity.
a higher standard of living.
economic security.
13
_________ is when you sacrifice some of one thing in order to get more of another.
trade off
efficiency
opportunity cost
growth
14
The fact that companies typically make what people want in a market economy shows the power of
public goods
equity
consumer sovereignty
government regulation
15
Who/What answers the 3 Key Questions in a Market Economy?
Producers AND consumers
Producers
The Government
Consumers
16
Which of the following would enable this producer to potentially be able to produce at point E?
bonus pay incentives for workers
less resources, less capital
punishing/threatening workers for not working hard enough
more resources, more capital
17
When sellers want $ more than a good, and buyers want the good more than $, __ has taken place.
division of labor
barter
increased productivity
voluntary exchange
18
Which of the following is an economic model for rational decision-making?
exchange table
assembly line
cost-benefit analysis
voluntary exchange
19
__________ is limited economic resources combined with unlimited wants/needs.
Equity
Scarcity
Cost-Benefit Analysis
Trade-Offs
20
Using the PPC above what does point E represent?
Inefficiency
Unattainable/impossible level of production
Inflation
Maximum Efficiency
21
_______ is the driving force behind all economic decision-making (ie: 3 key questions).
demand
scarcity
division of labor
supply
22
______ is the study of choices that people make to satisfy their needs and wants.
Government
Scarcity
Economics
PPC
23
An economic decision is said to be 'rational' when the _____ is greater or equal to the _____.
trade off; opportunity cost
opportunity cost; trade off
marginal cost; marginal benefit
marginal benefit; marginal cost
24
Indy Sisive has $100 and chooses to buy shoes instead of earrings. What's her opportunity cost?
Shoes & Earrings
$100
Shoes
Earrings
25
Using the PPC above, what does point D represent?
Maximum Efficiency
Inflation
Inefficiency
Unattainable/Impossible productivity level
