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12th Grade Econ Chapter 1 Flashcards | StudBud
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12th Grade Econ Chapter 1
12th Grade Econ Chapter 1
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chapter 1
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Highest valued alternative given up as a result of making a choice
Market Economy
Opportunity Cost
Microeconomics
Scarcity
2
Extra/additional costs or benefits of a decision
Market
Profit
Marginal
Market Economy
3
Process of getting a product/service to consumers
Consumption
Distribution
Production
Entrepreneurship
4
Rarity and scarcity are the same thing
False
True
5
Focuses on individual decisions and single factors
Microeconomics
Macroeconomics
6
Even though our age, culture, and location changes, our wants stay the same
True
False
7
Resources can be scarce and plentiful at the same time
True
False
8
Scarce resources can be used multiple ways at a time
False
True
9
buildings, tools, machinery, money
Labor
Capital
Land
10
Process combining economic resources resulting in a good/service to be bought
Entrepreneurship
Consumption
Production
Distribution
11
A social science that studies how people decide to use scarce resources to satisfy their wants
Economics
Opportunity Cost
Microeconomics
Macroeconomics
12
physical and mental efforts of people
Land
Capital
Labor
13
Focuses on large-scale/national or general economic factors
Macroeconomics
Microeconomics
14
soil, minerals, timber, fresh water
Land
Capital
Labor
15
Positive difference between total sales and total costs
Market
Profit
Marginal
Expenses
16
Which is not a factor of production
Land
Capital
Control
Labor
17
relies on voluntary trade as the primary means of organizing/coordinating production
Market Economy
Market
Profit
Want Satisfaction Chain
18
Which is not one of the 3 questions businesses are asking themselves? (product)
When am i making it?
For whom am i making it?
How am i making my product?
What is my product?
19
Our choices are not influenced by the choices of others
False
True
20
People make decisions based on physical and psychological wants
False
True
21
Choices involve alternatives and should be future oriented
True
False
22
An arrangement that allows buyers and sellers to make exchanges
Factors of production
Economics
Profit
Market
23
Demand outnumbers the available resources
Thinking on margin
Scarcity
Opportunity Cost
Profit
24
Using a product/service
Entrepreneurship
Production
Distrubtion
Consumption
25
Imagination and management skills needed to start and operate a business
Factors of Production
Scarcity
Thinking on margin
Entrepreneurship
