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
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
Which social science often includes a study of how a certain group of people manufactures goods or spends its money
Which of these would have a controlled economic system
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
What social scientist studies the ways a natural disaster will affect monetary spending and social values Political scientist Sociologist Economic anthropologist Socioeconomist
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