Economics Flashcard

Front

Gross Domestic Product (GDP) measures the value of which of the following?

Back

All goods produced within a country’s borders

Front

Which of the following is NOT considered a factor of production? Options: Entrepreneurship, Land, Money used to buy goods, Labor

Back

Money used to buy goods

Front

How does the use of advanced technology typically affect the production process?

Back

It usually leads to greater output and improved efficiency.

Front

Benjamin has a limited amount of money to spend each month. He must decide how to use these few resources to pay for rent, food, and other needs. This situation is also known as…

Back

scarcity.

Front

You are at a bookstore. You want to buy a novel and a magazine, but you only have enough money for one. You choose to buy the novel. What is the opportunity cost of your decision?

Back

the magazine.

Front

When the government introduces measures to control inflation across the country, this is an example of

Back

Macroeconomics

Front

In economics, what is the term for the quantity of a good or service that producers are willing and able to sell at different prices during a certain period?

Back

Supply.

Front

A popular athlete is involved in a scandal, causing fans to lose interest in their branded sports gear. As a result, the demand for their merchandise changes. The demand curve will shift:

Back

to the left.

Front

Microeconomics primarily focuses on…

Back

Individual markets and decision-makers

Front

Maria can either join the art club or the science club after school. She chooses to join the art club. What is her opportunity cost?

Back

Science club