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Economics Chapter 1 Flashcards | StudBud

Explore/Economics Chapter 1

Economics Chapter 1

8 terms·StudBud Administration·37 plays

An Economics quiz about Economics

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Questions 8

Answers

1
What Are Trade Offs
Alternative that must be given up when one choice is made
True
Marriage
Giving up overall
2
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3
What Are The Factors Of Production
Land, Labor, Capital, Entrepreneurship
Factory, Making, Selling, Buying
Bananas, Oranges, Apples, and Peaches
Production, Capital Goods, Scarcity, Trade-Offs
4
Economic growth occurs when a Nation's total output of goods and services increases over time
True
False
Frue
5
What Is The Difference Between A Want Or A Need
Want Is Essential and Need Is Quality Of Life
They Are The Same
Need Is Essential and Want Is Quality Of Life
Need Is Quality and Want Is Essential Of Life
6
What Is Scarcity
Not Enough
To Scare A City
Having Unlimited Wants But Insufficient Resources
Too Much
7
Division Of Labor is when everyone does the same thing
False
Yeet
Skrrrt
True
8
What Is TINSTAAFL
The Income Needs Stable Time After Ads For Leveling
The Internet Need Some Time At A Full Level
Tin Saves Two Apples Always For Lunch
There Is No Such Thing As A Free Lunch