What type of economic system does the United States have?

Mixed (market with command) economy

Primary indicator of higher income is

Education (college education or training)

If a company stops producing product X and begins producing product Y, what is the opportunity cost?

Profits that would of been earned from product X

The study of economics is primarily concerned with: choices which are made in seeking to use scarce resources efficiently.

choices which are made in seeking to use scarce resources efficiently.

If you pay $5,000 a year in tuition and give up $20,000 a year of income to attend college, then the yearly opportunity cost of college is:

at least $25,000 of tuition and foregone income.

What factors must an individual consider when making a rational decision? Trade offs and opportunity costs, Marginal benefits and marginal costs, Voluntary and fraudulent exchanges, All of the above

Marginal benefits and marginal costs

What can cause a production possibilities curve to move to the right? Options: thousands of people move out of the country, an epidemic kills thousands of young men and women, a new invention lowers the cost of production, the population is growing increasingly old

a new invention lowers the cost of production

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods

Tradeoffs, opportunity costs, marginal costs, and marginal benefits are all important to consider when

making a rational economic choice

David decides to start his own business. He opens a shop that manufactures sports equipment. He pays Frank an hourly wage to make baseball bats, and Gene a salary to manage his finances. Three days after his grand opening, he is ecstatic because Mike, who runs the town's parks and recreation department, calls him and orders equipment for six Little League baseball teams. Which of the following statements is TRUE?

David is the entrepreneur, Frank and Gene are both labor, and Mike is a consumer.

A point inside the PPC indicates

inefficient utilization of resources

What influences productivity, economic growth, and future standards of living? Government Regulations, Public goods and services, Factories, machinery, technology, and education, Income, full employment, and market failures

Factories, machinery, technology, and education

If Mr. Dawson is given a pay raise, what would be the most likely effect?

an increase in his standard of living

The opportunity cost of building a new high school is:

Other goods and services, which must now be sacrificed to build the new high school.

Which of the following best explains a mixed economy?

Private ownership of the factors of production and regulation of businesses by government

The three fundamental economic questions: what to produce, how to produce, for whom to produce

what to produce, how to produce, for whom to produce

Economics basic concepts Flashcards

Student preview

52 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the fundamental concept of economics?

Back

scarcity

2.

FLASHCARD QUESTION

Front

Land, Labor, Capital and Entrepreneurs

Back

Factors of Production

3.

FLASHCARD QUESTION

Front

Man made goods used to produce other goods

Back

capital

4.

FLASHCARD QUESTION

Front

Cost of the next best alternative

Back

opportunity cost

5.

FLASHCARD QUESTION

Front

Which of the following would not cause a right shift (Economic Growth) of the PPC?
New resources,
New or better capital,
better education

Back

increased demand

6.

FLASHCARD QUESTION

Front

A point beyond the Production Possibilities Curve (PPC) is ___________________, a point below the PPC is ________________

Back

unattainable, inefficient

7.

FLASHCARD QUESTION

Front

Which of the following is not an example of capital? Oil, tools, tractors, computers

Back

Oil

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