Intro. to Economics Practice Flashcard

Front

What is the likely result when a population's wants and needs exceed the population's available resources?

Back

Scarcity of Goods and Services

Front

How does scarcity typically impact businesses in an economy?

Back

Scarcity forces businesses to prioritize the production of certain goods and services.

Front

The New York State Legislature approved a grant to the city of Buffalo, permitting the city to update its bridges, highways, and sidewalks. The effect of this grant will MOST LIKELY be:

Back

An increase in economic growth because the investment in infrastructure will create new jobs.

Front

A popular social media influencer posts a series of videos promoting a new skin care product. What economic effect is this most likely to have?

Back

Increased demand for the skin care product.

Front

In December 1913, Henry Ford began using moving assembly lines to manufacture automobiles. What was the economic impact of this technological and industrial innovation?

Back

Increased speed and efficiency led to the growth of the manufacturing sector.

Front

Hairstyling

Back

Service

Front

A Bestselling Novel

Back

Good

Front

A Leather Jacket

Back

Good

Front

Public Education

Back

Service

Front

The newest iPhone

Back

Good