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Economics

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Isadore Labadie

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Term1/25
Economics is about allocating resources for doing which of the following processes involving goods and services
Definition1/25

Production and distribution

Term1/25
Which of the following best explains why the game of economics cannot eliminate scarcity
Definition1/25

There are not enough resources to produce all of the goods and services that everyone wants.

Term1/25
Which of the following describes a situation where the goal of security is being pursued
Definition1/25

The government establishes a retirement program for its citizens.

Term1/25
Technological advancement can come from improved devices or new
Definition1/25

Technological advancement can come from improved devices or new METHOD

Term1/25
Which of the following is not an economic goal
Definition1/25

Victory

Term1/25
Economics is about allocating resources to produce and distribute which of the following
Definition1/25

Goods and services

Term1/25
A capitalist country has which of the following economic systems
Definition1/25

Free-market

Term1/25
What best describes the incentive for producers to conduct market research
Definition1/25

The desire to know what consumers want.

Term1/25
Which of the following are useful for conducting market research
Definition1/25

Focus groups Focus groups

Term1/25
Which of the following best explains why the circular flow model characterizes the free-market system
Definition1/25

Consumers and producers influence each other in a circular fashion.

Term1/25
What questions must be asked about the use of resources in an economic system
Definition1/25

What is the most effective allocation?APEX!

Term1/25
Which of the following best describes the purpose of advertising
Definition1/25

to transmit product messages to an audience

Term1/25
Which of the following is a reason why peer pressure influences consumers
Definition1/25

People often compare themselves to others.

Term1/25
In economics workers are both producers and which of the following
Definition1/25

Consumers

Term1/25
In the game of economics every person alive plays the role of which
Definition1/25

consumer

Term1/25
In economics All goods and services that exist must be made by
Definition1/25

workers

Term1/25
Because calculations of cost and benefit are subjective they can be described as
Definition1/25

Vary from one person to another.

Term1/25
Which of the following best explains why the game of economics does not have a signal goal
Definition1/25

Evaluation

Term1/25
Which of the following is essential part of making rational choice
Definition1/25

Doing cost-benefit analysis

Term1/25
Which of the following is not an economic goal that influence how societies answer the three key economic q uestions
Definition1/25

victory

Term1/25
What best explains why players in the game of economics are often in conflict with each other
Definition1/25

Some economic goals are incompatible with each other.

Term1/25
The need to get goods from producers to consumers raises what basic questions
Definition1/25

How are goods and services distributed

Term1/25
Which of the following is an example of a production decision ...
Definition1/25

Science can be used to predict the effects of the dam on wildlife.

Term1/25
What Of The Following is an essential part of making a rational choice
Definition1/25

doing cost benefit analysis

Term1/25
Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.
Definition1/25

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Cards in this guide (25)
Economics is about allocating resources for doing which of the following processes involving goods and services

Production and distribution

Which of the following best explains why the game of economics cannot eliminate scarcity

There are not enough resources to produce all of the goods and services that everyone wants.

Which of the following describes a situation where the goal of security is being pursued

The government establishes a retirement program for its citizens.

Technological advancement can come from improved devices or new

Technological advancement can come from improved devices or new METHOD

Which of the following is not an economic goal

Victory

Economics is about allocating resources to produce and distribute which of the following

Goods and services

A capitalist country has which of the following economic systems

Free-market

What best describes the incentive for producers to conduct market research

The desire to know what consumers want.

Which of the following are useful for conducting market research

Focus groups Focus groups

Which of the following best explains why the circular flow model characterizes the free-market system

Consumers and producers influence each other in a circular fashion.

What questions must be asked about the use of resources in an economic system

What is the most effective allocation?APEX!

Which of the following best describes the purpose of advertising

to transmit product messages to an audience

Which of the following is a reason why peer pressure influences consumers

People often compare themselves to others.

In economics workers are both producers and which of the following

Consumers

In the game of economics every person alive plays the role of which

consumer

In economics All goods and services that exist must be made by

workers

Because calculations of cost and benefit are subjective they can be described as

Vary from one person to another.

Which of the following best explains why the game of economics does not have a signal goal

Evaluation

Which of the following is essential part of making rational choice

Doing cost-benefit analysis

Which of the following is not an economic goal that influence how societies answer the three key economic q uestions

victory

What best explains why players in the game of economics are often in conflict with each other

Some economic goals are incompatible with each other.

The need to get goods from producers to consumers raises what basic questions

How are goods and services distributed

Which of the following is an example of a production decision ...

Science can be used to predict the effects of the dam on wildlife.

What Of The Following is an essential part of making a rational choice

doing cost benefit analysis

Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.

satisfaction

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