Which answer describes the fact that human wants are unlimited and resources are scarce?

The fundamental economic problem

the money you have left over after you paid your bills

What are the four types of economies?

Mixed, Market, Command, Traditional

What are the four parts of the business cycle?

Expansion, Peak, Contraction, Trough

Which of the following BEST defines opportunity cost? the cost of opportunity, the cost of the item that you chose last because there was nothing else to choose from, even your next best option, the cost of the item that you originally wanted, the cost of the next best use of time and money when choosing to do one thing or another

the cost of the next best use of time and money when choosing to do one thing or another

Which of the following BEST defines marginal costs? Options: the change in total cost of production for one year, the change in total production costs for one day, the change in the cost of producing 100 additional units, the change in total production cost that comes from making or producing one additional unit

the change in total production cost that comes from making or producing one additional unit

What is a credit score?

it is a statistically derived number of a person's creditworthiness; used by lenders to access the likelihood that a person will repay their debts

What is the difference between a consumer and a producer?

Consumers buy goods/services; Producers create or make goods/services

Which of the following BEST describes productivity? a measure of the amount of work that one individual does, a measure of the amount of input produced by a given amount of outputs in a specific period of time, a measure of the amount of products created over a year, a measure of the amount of output produced by a given amount of inputs in a specific period of time

a measure of the amount of output produced by a given amount of inputs in a specific period of time

What is a demand schedule?

a table that lists the various quantities of a product or service that someone is willing to buy over a range of possible prices

Which of the following BEST describes equilibrium price?

when supply and demand are equal, the price is called this

Which of the following BEST defines total cost?

a combination of fixed and variable costs into the overall cost of operating at a particular rate of production

Which of the following BEST defines disposable income? Options: the amount of income used to pay for necessities first, the amount of income you have before paying for your necessities, the amount of income left after paying for necessities, the amount of income you gained from one month to the next

the amount of income used to pay for necessities first

According to the law of comparative advantage, a country should

Specialize and export goods with the lowest opportunity cost.

Which of the following is true? Needs, wants, and resources are all unlimited Needs and wants are unlimited but resources are limited Needs and wants are limited but resources are unlimited Needs, wants, and resources are all limited

Needs and wants are unlimited but resources are limited

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods

CFE -Economics Review Flashcards

Student preview

119 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Which of the following describes an entrepreneur?

Back

A person who organizes, operates, and assumes the risk for a business venture.

2.

FLASHCARD QUESTION

Front

The buildings, machines, and tools that companies use to make products

Back

capital resources

3.

FLASHCARD QUESTION

Front

A person who buys goods and services

Back

consumer

4.

FLASHCARD QUESTION

Front

What do we call all of the resources required to make a product (good or service)?

Back

four factors of production

5.

FLASHCARD QUESTION

Front

A general increase in prices

Back

inflation

6.

FLASHCARD QUESTION

Front

The place where goods and services are exchanged

Back

market

7.

FLASHCARD QUESTION

Front

Something we use from nature

Back

natural resource

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