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Unit 1 Econmics Flashcards | StudBud
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Unit 1 Econmics
Unit 1 Econmics
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#Economics
Flashcards
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1
What are demands?
Describing the behavior of producers in the market
Orders from your boss
Orders from your parents
Describing the behavior of demanders in the market
2
What are Natural Resources ?
resources found in books
resources found in nature
resources found online
resources found in space
3
Examples of human resources include....?
Technicians, Doctors, Firemen,Factory workers
house, food, and clothing
tractors, cars, and airplanes
water, air, land
4
Shortages are.............?
Electrical issues with wiring
Another word for scarcity
A long term delay in items or resources
Temporary delay in items or resources
5
What is a Good?
An act performed that benefits Society
Invisible Objects
Idk???
Physical Objects
6
Economic system three basic decisions.........
what to cook ,how to prepare it ,and for whom to prepare
what to produce,how to produce,and for whom to produce
what to think,how to draw it, and for whom to print it
when to produce, when to produce,and for when to produce
7
what is a want?
food and clean air
something desired
shelter and clean drinking water
something needed for survival
8
What are standards of living?
Your house
level of economic prosperity
None of the above.....
Your city population
9
What are benefits?
losses
Gains
none of the above........
all of the above......
10
What are factors of production?
Land, Labor, Capital, and Entrepreneurship
none of the above...
Life, Liberty, and persuit of happiness
money, education, and personality
11
What are innovations?
Applying technology to the production of goods and services.
Rising the prices to the production of goods and services.
Slowing the production of goods and services.
IDK??
12
Under-utilization of resources is........?
the use of resources in undercover methods
using of fewer resources than an economy is capable of using
using more resources than an economy is capable of using
Land, Labor, Capital, and Entrepreneurship
13
What type of economy does the United States Have...?
Free-Market
Mixed
Traditional
Communist
14
Which country is a Free-Market Economy
Cuba
Texas
North Korea
USA
15
IF the curve on a Production Possibilities Curve moves left(inward) it is.........?
Decrease in Production
GOOD
Increase in Production
BAD
16
Allocation of resources are...............?
To find better quality items at another store
Migration
The distribution of resources
Move to another area for better resources
17
What are divisions of labor?
Dividing workers jobs
Allocating workers positions
Dividing workers paychecks
Sorts the production process into separate tasks for workers
18
What is Interdependence?
Depending on oneself
Living alone
Trading between countries
Trading between firends
19
Laissez–faire refers to ........?
little government intervention
deciding the fairness of a situation
Communist Economy
the amount of money you make
20
What are absolute advantages?
The size of a buisness
Being able to do something using more resources than others
Being able to do something using fewer resources than others
Not being able to do something
