Economics Flashcard

Front

What happens to prices according to the Law of Demand when the quantity increases?

Back

Prices decrease

Front

According to the Law of Supply, what happens to prices when supply decreases?

Back

Prices rise

Front

Which of the following is NOT one of the three economic questions related to economics? What to produce?, How to produce?, For whom to produce?

Back

Where to produce?

Front

What is the value of something that is given up to obtain something else that is desired?

Back

Opportunity cost

Front

Which of the following factors is NOT listed as one that can shift the demand curve? Income, Market size, Consumer preferences

Back

Input costs

Front

What does a rightward shift of the curve indicate in terms of demand and supply?

Back

Increase in demand and supply

Front

Which of the following is NOT a factor of production? Land, Labor, Technology, Capital

Back

Technology

Front

What does a point inside the production possibilities curve (PPC) indicate?

Back

Underutilization of resources

Front

In which type of economy does the government make all economic decisions?

Back

Command economy

Front

Which economic system is characterized by individual choice and voluntary exchange?

Back

Market economy