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FND Econ - Outcome A Flashcards | StudBud
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FND Econ - Outcome A
FND Econ - Outcome A
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Answers
1
What
visualizes
different ways of using a countries resources - in other words, opportunity cost.
Benefit Grid
Cost Grid
Production Possibilities Curve
Scarcity Graph
2
Natural resources used to produce goods and services
Physical Capital
Labor
Land
Human Capital
3
What is the purpose of OSHA?
Provide safe medicine
Protect companies from lawsuits
Promote workplace safety laws
Create farming programs
4
Limited resources and unlimited wants refers to...
Services
Shortage
Scarcity
Goods
5
When technology increases PPC will shift to the _________
Left
Right
6
Who answers the 3 essential questions in the
market
system?
Aliens
Private Citizens
Traditions
The government
7
When a country makes the most of it's resources it is...
Budgeting
Underutilization
Efficiency
Overutilization
8
Not using all of the available resources is also known as...
Overutilization
Underutilization
Efficiency
Budgeting
9
The study of how people make decisions to satisfy their needs and wants:
Economics
Sociology
Chemistry
Physics
10
An action or activity that someone performs for another person
Services
Goods
Scarcity
Shortage
11
The option that we
don’t
choose in a trade-off, is called the opportunity cost.
True
False
12
What economic system do we have in the United States?
Market
Traditional
Centrally Planned
Mixed
13
When a factory burns down, the PPC will shift to the ______
Left
Right
14
A trade-off is the act of giving up one option for a better option...
False
True
15
Human-made objects used to create other goods and services.
Labor
Human Capital
Land
Physical Capital
16
Who answers the 3 essential questions in the
command
system?
Traditions
Aliens
The government
Private Citizens
17
The Government choosing to invest in the military...
Butter
Guns
18
The three basic economic questions include
what
to produce,
how
to produce and...?
How much tax revenue will we collect
Who will consume the goods and services?
How quickly will the goods expire?
How many employees will be needed
19
The effort people devote to tasks for which they are paid; work.
Human Capital
Physical Capital
Land
Labor
20
This refers to the knowledge/skills that a worker gets through education & training
Human Capital
Physical Capital
Land
Labor
21
The Government choosing to invest in consumer goods...
Guns
Butter
22
A physical object that someone produces/makes is?
Services
Shortage
Goods
Scarcity
23
When a natural disaster occurs, the PPC will shift to the _______
Left
Right
24
When consumers want more of good than a producer can make (at that price) is known as...
Goods
Services
Shortage
Scarcity
25
When there are more workers available, the PPC will shift to the _______
Left
Right
