Economics Test Flashcards

1
Q

When making a choice, your ___________ is the second thing you wanted most.

A

opportunity cost

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2
Q

The three types of resources used to produce goods and services are:

A

human, capital, and natural

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3
Q

When production of a good or service is broken down iinto different steps with different workers performing each step, it is called _____.

A

division of labor

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4
Q

in our country we have a ______, where producers and consumers are both very important.

A

market economy

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5
Q

Scarcity means we have to make _____.

A

choices

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6
Q

Governemnts pay for the goods and services they provide by collecting _____.

A

taxes

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7
Q

Sometimes families have a _______ of money, because there is not enough to get them all they want.

A

scarcity

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8
Q

People ususally _______in a job, a skill they are good at or like to do.

A

specialize

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9
Q

Consumers buy the ____________ the producers make.

A

Goods

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10
Q

Businesses compete for consumers with the goal of earning a _____________.

A

profit

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11
Q

__________ has affected the levels of employment in the U.S.

A

Global Competition

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12
Q

Store are in _____________________ with eachother, so they often lower there prices to make people shop there.

A

competition

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13
Q

When _____________ goes up, stores lower their prices.

A

supply

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14
Q

When people want items, the _____________ is high.

A

demand

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15
Q

When items become scarce, consumers often buy _____________ instead of what they want.

A

substitute goods

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16
Q

What are exampoles of positive incentives?

A

A sale, a green ticket, BUy one get one free

17
Q

What are examples of negative incentives?

A

A fine, a speeding ticket, a referral

18
Q

What are the advantages of an assembly line?

A

You can produce more items in a shorter amount of time. This leads to a bigger supply and lower prices.

19
Q

What are 3 examples of public goods and service?

A

Roads, schools, police officers, fire fighters

20
Q

If you have a job, you are _____.

A

employed

21
Q

If you are trying to find a job, you are ________.

A

unemployed

22
Q

If you are retired or a child, you are __________________.

A

Not in the labor force