bge Flashcards
What does the term ‘economical’ primarily refer to?
The efficient use of resources to minimize waste and maximize value.
True or False: An economical choice always results in the lowest price.
False
Fill in the blank: An economical decision prioritizes __________ over extravagance.
savings
What is the primary goal of an economical approach in business?
To reduce costs while maintaining quality.
Which of the following is NOT a characteristic of an economical product? A) Low cost B) High durability C) Frequent replacement
C) Frequent replacement
What is one common synonym for ‘economical’?
Thrifty
True or False: Economical practices can contribute to environmental sustainability.
True
Which sector often emphasizes economical methods to maximize profit?
Business and finance
What does it mean for a car to be ‘economical’?
It consumes less fuel relative to its performance.
Fill in the blank: __________ is a key factor in determining if a service is economical.
Cost-effectiveness
How can individuals practice economical living?
By budgeting, reducing unnecessary expenses, and seeking value.
What economic principle supports the idea of being economical?
Scarcity and resource allocation.
Multiple Choice: Which of the following describes an economical consumer? A) One who buys the cheapest option B) One who considers quality and cost C) One who never looks at prices
B) One who considers quality and cost
True or False: Economical strategies can hinder innovation.
False
What is a potential disadvantage of being overly economical?
Compromising on quality or service.
Fill in the blank: __________ analysis helps determine the economical viability of a project.
Cost-benefit
What role does budgeting play in being economical?
It helps track and manage expenses effectively.
Which of the following is an example of an economical investment? A) High-risk stocks B) Bonds with steady returns C) Lottery tickets
B) Bonds with steady returns
What is the relationship between economy and being economical?
The economy refers to the broader system, while being economical focuses on individual resource use.
True or False: An economical lifestyle can lead to long-term financial stability.
True
What is a common mistake people make regarding economical choices?
Focusing only on initial costs rather than long-term savings.
Fill in the blank: __________ refers to the balance between quality and cost in making economical choices.
Value
How does technology contribute to economical practices?
By providing tools that increase efficiency and reduce costs.
What is the impact of an economical approach on consumer behavior?
It encourages more thoughtful purchasing decisions.
Multiple Choice: An economical household is likely to: A) Buy in bulk B) Impulse buy C) Ignore sales
A) Buy in bulk
What is a key indicator of an economical company?
High profit margins with low operational costs.
