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Economics > Quiz 1-3 Study Guide > Flashcards

Quiz 1-3 Study Guide Flashcards

1
Q

The study of how people seek to satisfy their needs and wants by making choices

A

Economics

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2
Q

Air, food, water, shelter

A

Need

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3
Q

Something we desire

A

Want

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4
Q

Actions or activities

A

Services

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5
Q

Physical objects

A

Goods

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6
Q

Knowledge and skills a worker gains through education and experience

A

Human capital

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7
Q

Effort that a person devotes to a task for pay

A

Labor

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8
Q

Producers will not or cannot offer goods or services at the current price

A

Shortage

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9
Q

Limited quantities of resources that is used to produce other goods and services

A

Scarcity

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10
Q

Human-made resource that is used to produce other goods and services

A

Physical capital

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11
Q

Land, labor, and capital

A

Factors of production

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12
Q

Human-made objects used to create other goods and services

A

Capital

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13
Q

Ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services

A

Entrepreneurs

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14
Q

Which of the following is not considered a need according to your book ?

A

A nice car

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15
Q

Which if the following is a want according to your book ?

A

A nice car

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16
Q

Which of the following is not considered a country’s resources ?

A

Air

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17
Q

Cost always refers to money

A

False

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18
Q

Economics may operate ineffectively

A

True

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19
Q

A production possibilities curve shows alternative ways to use an economy’s productive resources

A

True

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20
Q

Thinking of the margin is only about thinking about how much more you can do

A

False

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21
Q

In your own words, define economics

A

How people satisfy their needs and the wants by making a different choice

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22
Q

In your own words, define wants and needs

A

Needs- the things for survival

Wants- other things not needed for survival

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23
Q

In your own words, describe trade-offs

A

Something we sacrifice when we make a decision

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24
Q

If there is a large supply and low demand, prices would typically

A

Fall

25
Q

If there is a short supply and a high demand, prices would typically

A

Rise

26
Q

A shortage is always permanent

A

No

27
Q

Economics is the study of

A

Scarcity

28
Q

Scarcity means something is temporarily unavailable

A

No

29
Q

If IBM issues a bond and you buy their bonds, you own part of the company

A

No

30
Q

If you buy IBM stock, you own part of the company

A

Yes

31
Q

If you start saving for retirement now, you have a better chance of hitting your retirement goals then if you waited to save until you were 40

A

Yes

32
Q

A bill from your doctor

A

Expenses

33
Q

Your car

A

Assets

34
Q

Car loan

A

Liabilities

35
Q

Your paycheck

A

Income

36
Q

A social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society is called

A

Socialism

37
Q

Economic systems that are based on voluntary exchanges in markets are called __________ __________ Economics

A

Free market

38
Q

What is the most common reason someone starts their own business ?

A

To be your own boss

39
Q

America is considered a Land of ____________ because of our Free Enterprise

A

Opportunity

40
Q

If you have a successful business, can the government of the U.S. take over control to run it for themselves without due process ?

A

No

41
Q

The study of the behavior and decision making of entire Economics

A

Macroeconomics

42
Q

The study of the behavior and decision making small units such as small units, such as individuals, families, and business

A

Microeconomics

43
Q

What does GDP stand for ?

A

Gross Domestic Product

44
Q

The study of economics begins with the idea that people cannot have everything they _________ and ________

A

Need

Want

45
Q

A ________ is something like air, food, shelter

A

Need

46
Q

A _______ is just about everything else

A

Want

47
Q

We discussed two types of capitals. __________ and ________

A

Physical

Human

48
Q

Human-made objects used to create other goods and services are called _________ capital

A

Physical

49
Q

____________ capital is the knowledge and skills a worker gains education and experience

A

Human

50
Q

As discussed in class, nobody can take away your ________ and ________

A

Education and experience

51
Q

Ambitious leaders who decided how to combine land, labor, and capital resources to create new goods and services are called

A

Entrepreneurs

52
Q

___________-________ are all the alternatives when we give up whenever we choose one course of action over another

A

Trade-off

53
Q

The most desirable alternative given up as the result of a decision is called the _______ cost

A

Opportunity

54
Q

For most decisions we make there are prone and cons. In economic terms we should do a _________ / _________ analysis

A

Cost/benefit

55
Q

Coasts are always financial

A

False

56
Q

Which of the following usually gives the most protection to a individual

A

Incorporation

57
Q

LLC stands for __________ ____________ ___________

A

Limited liabilities corporation

58
Q

Does an LLC typically issue stock and bonds ?

A

No

59
Q

All natural resources used to produce goods and services

A

Land

Economics (10 decks)

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