Economics Final Exam Reveiw

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

Which type of economy has central ownership, the government, and lack of individual choice?

Back

Command

Front

This means that the government should not interfere in the marketplace.

Back

Laissez Faire

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

Front

When something given up for something else is called?

Back

Opportunity Cost

Front

House: Goods or Service?

Back

Goods

Front

Doctor: Goods or Service?

Back

Service

Front

When the quantity supplied is greater than the quantity demanded

Back

a surplus has occurred.

Front

The thing that you give up (the next best alternative) when you make a decision is known as

Back

Opportunity Cost

Front

Which of the following is an example of allowing sunk costs to impact your decision? Not selling a baseball card that you think is worth more because you own it, Continuing to watch a movie that you don’t like because you paid to see it, Selling a stock because you see the price drop and want to avoid losses, Buying a new phone because you see all of your friends have that it.

Back

Continuing to watch a movie that you don’t like because you paid to see it