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Economics

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Orlando Zieme

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Cards in this guide (19)
What is a consumer

a plant or thing that eats things to survive like a wolf or bear they eat things like fish or meat. its like a food chain!

What is the primary concern of economics
  • How society chooses to use its limited resources
What is the definition of basic economic questions

Basic economic questions all deal with scarcity. These type of questions must be asked so that economic decisions will be made that are beneficial.

In which economic system does the government make most economic decisions

command economy

Why is economics considered social science

Economics is a social science because it is the study of human behavior when it comes to money

and how it is made and spent. Economics play a large part of all humans personal and professional lives.

The gross domestic product is licked to both social science and economics. Unlike natural science, social

science is used to understand society. Economics is a large part of society and how people behave.

What is the potential costs of scarcity and choice

Describe the potential costs of both scarcity and choice.

Which factor of production directs the work flow of the other three factors

Management

Which social science often includes a study of how a certain group of people manufactures goods or spends its money

sociology

Which of these would have a controlled economic system
  • a socialist country
What might be one problem associated with a trade deficit

countries must borrow money to pay for their imports. -- A+

What is the most important tool for analyzing the production distribution and consumption of goods and services

Economic analysis is need for analyzing the production, distribution and consumption of goods. This allows a group or business understand what goods are the most needed and sell the best.

What is a possible secondary effect of buying a new car instead of a used car

less money to spend on entertainment

Which of these following is not a manufactured product

Energy emanating from Sun, Wind and transformed into power is not manufactured product rather conversed/transformed product.

Which social science studies how populations develop in certain regions based on available resources

geography

What social scientist studies the ways a natural disaster will affect monetary spending and social values Political scientist Sociologist Economic anthropologist Socioeconomist

socioeconmist

Which of the following accurately explains how profit is calculated (Apex)

cost are subtracted from revenues

Hawaii held a trade agreement with the US which allowed duty-free importation of sugar to the mainland. What did the local kingdom give to the US in return for these trade benefits

Pearl Harbor and Ford Island.

Which of these describes a market economic system

Economic decisions are based on supply and demand. A+

Which of the following is an example of a business that provides both goods and services

Clothing store

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