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Chapter 1 Economics Flashcards | StudBud
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Chapter 1 Economics
Chapter 1 Economics
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#economics
Flashcards
14 cards
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Questions
14
Answers
1
Activities done for a fee; intangible
economics
goods
labor
services
2
Would an economist think that the teenager in the cartoon is expressing a need or want?
good
necessary want
want
need
3
A company's office buildings are an example of
entrepreneurship
land
labor
capital
4
The amount of output that results from a given level of inputs
labor
productivity
economic model
factors of production
5
The value of the next best alternative that has to be given up for the action that is chosen
trade-off
factor of production
productivity
opportunity cost
6
How many digital television sets does DM have to trade-off to produce 500 more stereos.
400
150
200
100
7
What is the basic problem of economics?
pricing
consumer behavior
government policies
scarcity
8
Economics is primarily concerned with which of the following?
uses of resources
future costs of goods
values and objectives of a society
methods of production
9
A production possibilities curve helps determine
costs of production
factors of production
all the opportunity costs and trade-offs
maximum combinations of goods and services produced in time
10
The work people do
entrepreneurship
land
labor
capital
11
What factor of production do these images illustrate?
entrepreneurship
labor
capital
land
12
Which of the following are the factors of production?
land, labor, capital, and entrepreneurship
goods and services
all of the products produced in an economy
technology products and entrepreneurship
13
Entrepreneurship refers to the ability to
borrow capital successfully and expand an existing business
manage other people.
start new businesses, introduce new products and processes
adapt technology efficiently.
14
The study of how individuals, families, businesses use limited resources to fulfill their wants
scarcity
economics
capital
factors of production
