What are Economic Resources?

things available to be used to produce goods and services

studbud

Economic Decisions and Systems

22 termsStudBud Administration152 plays

Imported from external platform

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
Opportunity cost is the value of the next best alternative that you don’t choose.
True
False
2
This Economic System involves traditions and customs guiding the decisions.
Market Economy
Mixed Economy
Traditional Economy
Command Economy
3
In economics, a market includes
a Sunday market with stalls
all of the above
eBay
a supermarket
4
Human Resources
are natural resources
equipment designed by engineers
increased consumer spending
produce goods and services
5
What is scarcity?
having all the resources to live a comfortable life
not having enough resources to satisfy every need
being scared to death
hiding all your belongings for safe keeping
6
Resources are unlimited?
True
False
7
Which of the following has the most power over your economic decisions?
Leaders
Resources
Infrastructure
System
8
An example of an economic resource is?
cookies
bread
water
chalk
9
Needs are things that add comfort and pleasure to our lives.
True
False
10
economic system in which the government makes all economic decisions
command economy
traditional economy
centrally planned economy
market economy
11
This Economic System involves individuals and business making the bulk of economic decisions
Market Economy
Mixed Econonmy
Command Economy
Traditional Economy
12
What are three types of economic resources?
race, religion, culture
society, family, friends
land, labor, capital
knowledge, social media, peace
13
What are the 3 main kinds of Economic Resources
All Of The Above
Gas, Wind, and Rain
Manufacturing, Technology, and Infrastructure
Capital, Natural, and Human
14
The first step to the decision making process is?
choose one
identify the choices
act on your choice
define the problem
15
Who makes economic decisions in a Socialist country?
The military
The people
The government
A small group
16
what is economics?
the study of animal behavior
the choices that scientist make to improve our economy
study of how humans make choices in the face of scarcity
the study of how plants provide economic growth
17
Need and wants are unlimited?
False
True
18
Economics and business
Are intertwined
Are insane
Are the same
Are different
19
This Economic System usually involves both government and individuals in economic decisions.
Traditional Economy
Command Economy
Mixed Economy
Market Economy
20
Capital Resources?
Increased consumer spending
Things available to be used to produce goods and services
People produce goods and services
People must have access to tools and equipment
21
One of the three economic questions is (What not to produce?)
True
False
22
What are Economic Resources?
Raw materials supplied by nature
The people who produce goods and services
things available to be used to produce goods and services
the production of goods and service

Economic Decisions and Systems Flashcards | StudBud

Economic Decisions and Systems

22 termsStudBud Administration152 plays

Imported from external platform

Flashcards22 cardsFPractice quizPHost liveL

Questions 22

Answers

1
Opportunity cost is the value of the next best alternative that you don’t choose.
True
False
2
This Economic System involves traditions and customs guiding the decisions.
Market Economy
Mixed Economy
Traditional Economy
Command Economy
3
In economics, a market includes
a Sunday market with stalls
all of the above
eBay
a supermarket
4
Human Resources
are natural resources
equipment designed by engineers
increased consumer spending
produce goods and services
5
What is scarcity?
having all the resources to live a comfortable life
not having enough resources to satisfy every need
being scared to death
hiding all your belongings for safe keeping
6
Resources are unlimited?
True
False
7
Which of the following has the most power over your economic decisions?
Leaders
Resources
Infrastructure
System
8
An example of an economic resource is?
cookies
bread
water
chalk
9
Needs are things that add comfort and pleasure to our lives.
True
False
10
economic system in which the government makes all economic decisions
command economy
traditional economy
centrally planned economy
market economy
11
This Economic System involves individuals and business making the bulk of economic decisions
Market Economy
Mixed Econonmy
Command Economy
Traditional Economy
12
What are three types of economic resources?
race, religion, culture
society, family, friends
land, labor, capital
knowledge, social media, peace
13
What are the 3 main kinds of Economic Resources
All Of The Above
Gas, Wind, and Rain
Manufacturing, Technology, and Infrastructure
Capital, Natural, and Human
14
The first step to the decision making process is?
choose one
identify the choices
act on your choice
define the problem
15
Who makes economic decisions in a Socialist country?
The military
The people
The government
A small group
16
what is economics?
the study of animal behavior
the choices that scientist make to improve our economy
study of how humans make choices in the face of scarcity
the study of how plants provide economic growth
17
Need and wants are unlimited?
False
True
18
Economics and business
Are intertwined
Are insane
Are the same
Are different
19
This Economic System usually involves both government and individuals in economic decisions.
Traditional Economy
Command Economy
Mixed Economy
Market Economy
20
Capital Resources?
Increased consumer spending
Things available to be used to produce goods and services
People produce goods and services
People must have access to tools and equipment
21
One of the three economic questions is (What not to produce?)
True
False
22
What are Economic Resources?
Raw materials supplied by nature
The people who produce goods and services
things available to be used to produce goods and services
the production of goods and service