Flashcards on Basic Economic Concepts

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What is scarcity in economics?

Scarcity refers to the limited quantities of resources available to meet unlimited wants.

Define opportunity cost.

Opportunity cost is the value of the next best alternative that must be foregone when making a choice.

What is the law of supply and demand?

The law of supply and demand states that the price of a good or service is determined by the supply of and demand for that good or service.

Explain the concept of inflation.

Inflation is the sustained increase in the general price level of goods and services in an economy over a period of time.

Define opportunity cost.

Opportunity cost is the value of the next best alternative that must be foregone when making a choice.

What is the difference between a want and a need?

A need is something essential for survival, while a want is something desired but not necessary for survival.

What is the role of government in the economy?

The role of government in the economy is to provide a legal and regulatory framework, maintain competition, and promote economic stability.

Explain the concept of supply and demand.

Supply refers to the quantity of a good or service that producers are willing to provide, while demand refers to the quantity of that good or service that consumers are willing to buy.

What is the difference between goods and services?

Goods are tangible products that can be seen or touched, while services are intangible actions or tasks performed for others.

What is the role of entrepreneurship in the economy?

Entrepreneurship involves the organization and management of a business venture, taking on financial risks in the hope of making a profit.

Explain the concept of supply and demand.

Supply refers to the quantity of a good or service that producers are willing to provide, while demand refers to the quantity of that good or service that consumers are willing to buy.

What are the factors of production?

The factors of production are land, labor, capital, and entrepreneurship.

Define gross domestic product (GDP).

Gross domestic product (GDP) is the total value of all final goods and services produced within a country in a given period of time.

What is the circular flow of economic activity?

The circular flow of economic activity is the continuous movement of goods, services, resources, and money between households and businesses.

Explain the concept of cost-benefit analysis.

Cost-benefit analysis is a systematic approach to evaluating the pros and cons of a decision by comparing the costs and benefits associated with it.

What is the role of consumers in the economy?

Consumers play a vital role in the economy by driving demand for goods and services through their purchasing decisions.

What is scarcity in economics?

Scarcity refers to the limited quantities of resources available to meet unlimited wants.

Define opportunity cost.

Opportunity cost is the value of the next best alternative that must be foregone when making a choice.

What is the law of supply and demand?

The law of supply and demand states that the price of a good or service is determined by the supply of and demand for that good or service.

Explain the concept of inflation.

Inflation is the sustained increase in the general price level of goods and services in an economy over a period of time.

Define opportunity cost.

Opportunity cost is the value of the next best alternative that must be foregone when making a choice.

What is the difference between a want and a need?

A need is something essential for survival, while a want is something desired but not necessary for survival.

What is the role of government in the economy?

The role of government in the economy is to provide a legal and regulatory framework, maintain competition, and promote economic stability.

Explain the concept of supply and demand.

Supply refers to the quantity of a good or service that producers are willing to provide, while demand refers to the quantity of that good or service that consumers are willing to buy.

What is the difference between goods and services?

Goods are tangible products that can be seen or touched, while services are intangible actions or tasks performed for others.

What is the role of entrepreneurship in the economy?

Entrepreneurship involves the organization and management of a business venture, taking on financial risks in the hope of making a profit.

Explain the concept of supply and demand.

Supply refers to the quantity of a good or service that producers are willing to provide, while demand refers to the quantity of that good or service that consumers are willing to buy.

What are the factors of production?

The factors of production are land, labor, capital, and entrepreneurship.

Define gross domestic product (GDP).

Gross domestic product (GDP) is the total value of all final goods and services produced within a country in a given period of time.

What is the circular flow of economic activity?

The circular flow of economic activity is the continuous movement of goods, services, resources, and money between households and businesses.

Explain the concept of cost-benefit analysis.

Cost-benefit analysis is a systematic approach to evaluating the pros and cons of a decision by comparing the costs and benefits associated with it.

What is the role of consumers in the economy?

Consumers play a vital role in the economy by driving demand for goods and services through their purchasing decisions.

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