Economic Concepts Flashcard

Front

The loss of a salty snack is the economic sacrifice known as the ___________________.

Back

Trade-off

Front

Which of the following statements can best summarize workforce trends discussed in this passage? Options: The increased use of computers created a new type of employment category. Computer purchases by the average household decreased as prices increased. Companies benefited from the widespread use of workplace computers.

Back

The increased use of computers created a new type of employment category.

Front

When representatives of both union and management meet to discuss goals, offer solutions and compromises, and work toward a contract settlement, the two sides are engaging in which of the following? Mediation, Collective bargaining, Lockouts

Back

Collective bargaining

Front

When a shoe manufacturer makes 1,000,000 units of its top-selling shoe, the company is mainly answering which question? How much to produce?, For whom to produce it?, What to produce?

Back

How much to produce?

Front

What type of economy does the United States have?

Back

Mixed

Front

What type of business structure can consist of thousands of shareholders that select a board of directors to oversee company performance?

Back

Corporation

Front

If you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else later this month. You are making a ___________________ decision.

Back

Opportunity cost

Front

The four factors of production include: Scarcity, Trade-Off, Opportunity Cost, Capital; Opportunity Cost, Labor, Capital, Entrepreneurship; Land, Labor, Capital, Entrepreneurship

Back

Land, Labor, Capital, Entrepreneurship

Front

What type of economic situation exists when the only factor affecting the purchase decision is price, as in the case of buying a newly released pair of Nike shoes online?

Back

Pure competition

Front

A winter freeze destroys 25 percent of a country’s annual orange harvest. Which statement regarding the country’s orange juice market is most accurate?

Back

The price of orange juice will increase as the supply decreases.