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Very Very Basics of Economics Flashcards | StudBud
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Very Very Basics of Economics
Very Very Basics of Economics
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1
Gold ore
Land
Entrepreneurialism
Labor
Capital
2
Deciding which tools to use
How to produce
For whom to produce
Where to produce
What to produce
3
Oil wells
Land
Capital
Labor
Entrepreneurialism
4
Doctors
Land
Capital
Labor
Entrepreneurialism
5
Deciding between making cars or trucks
What to produce
Where to produce
For whom to produce
How to produce
6
Pro: NONE
1st come 1st serve
markets
rule of force
government
7
Roger has a forklift. In Economics, the forklift is actually which of the following?
Human capital
Physical capitol
Labor
Physical capital
8
What is a moral incentive?
Money gain
Selfishness
Public good
Bad behavior
9
What is a non-monetary incentive?
Cash bonus
Promotion
Public recognition
Time off
10
Con: most likely to make Matteen rage out
government
appearance and personality
1st come 1st serve
rule of force
11
Your teacher
Capital
Skilled Labor
Unskilled Labor
Entrepreneurialism
12
The education that a doctor has received is called which of the following?
Physical Capital
Labor
Entrepreneurialism
Human Capital
13
Uncut timber
Capital
Entrepreneurialism
Land
Labor
14
The Internet
Land
Labor
Entrepreneurialism
Capital
15
Which of these is a non-monetary incentive?
Higher base salary
Free lunch
Stock options
Extra vacation days
16
Marketing towards teenagers
How to produce
What to produce
Where to produce
For whom to produce
17
What is an example of physical capital?
Study of engineering
Computers
Auto mechanics
Cars
18
Incentives are:
Negatives that repel us to act
Positives that lure us to act
Positives and negatives that lure or repel us to act
19
Method where those who wait the longest (or cut) get the goods
market
appearance and personality
rule of force
first-come first-serve
20
Pro: people are more pleasant to be around
government
rule of force
appearance and personality
1st come 1st serve
21
Con: most destructive
government
1st come 1st serve
markets
rule of force
22
Dresses vs. Pants
For whom to produce
What to produce
How to produce
Where to produce
23
Pro: those struggling are most likely to be helped
1st come 1st serve
government
markets
appearance and personality
24
In Economics, what elements are required to produce
every
Economic good?
Land, Labor
Land
Land, Labor, Capital
Land, Labor, Capital, Entrepreneurship
25
Pro: most efficient method to distribute
appearance and personality
government
rule of force
markets
26
Railroads
Capital
Labor
Land
Entrepreneurialism
27
What are the three economic questions?
What to produce, for whom to produce, how to produce it?
What to produce, who will produce, how to distribute profit?
What to produce, who will produce, how to produce it?
What resources to use, for whom to produce, how to produce?
28
Cashiers
Land
Entrepreneurialism
Labor
Capital
29
Define Scarcity
A limited amount of resources compared to prices.
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
A social science dealing with people's needs and wants.
30
What is an example of a fear incentive?
Promotion
Verbal warning
Praise
Bonus pay
31
Which of the following would NOT be considered a form of economic capital?
Trained workers
A rock
A truck
A hammer
32
Do social incentives have monetary value?
Sometimes
Rarely
No
Yes
33
Method by which the most popular or prettiest receive items
rule of force
market
appearance and personality
first-come first-serve
