stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Econ Unit 1 Flashcards | StudBud
Explore
/
Econ Unit 1
Econ Unit 1
30 terms
·
StudBud Administration
·
88 plays
Imported from external platform
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
What is the economic term for the curved line on the production possibilities curve?
None of the Above
Underutilization
Frontier
Economic Growth
2
What is the cost of producing 12 shoes?
10 shoes
18 watermelons
7 watermelons
14 watermelons
3
What is
TINSTAAFL
?
There is no such thing as a freshman leader
There is no such thing as a flaming lizard
There is no such thing as a free lunch
There is no such thing as a fun lecture
4
In Economics, what do we call the money used to buy products?
Capital
Land
Financial Capital
Entrepreneurship
5
Which of the following is an example of land?
Sunshine
The skills and abilities of your workers
The Machines and tools used to produce
An airport
6
Which of the following could cause the size of labor to change?
The value of the dollar
None of the above
War
More resources
7
What is used by economists for a countries policy decisions on where to use their resources?
Ships vs. Tvs
guns vs. butter
tanks vs. cars
soldiers vs. teachers
8
What is the definition of a want?
Desires that can be satisfied by consuming a good
Basic Requirement for survival
A good that lasts a long time when used
The best alternative given up/choosing one over another
9
What is the difference between a good and a service?
There is no difference
Goods are physical objects, services are activities performed
Goods are activities performed, services are physical objects
All of the above
10
Which of the following is
not
a factor of production?
Economics
Capital
Labor
Land
11
Who are the risk takers in search of profit?
Business people
Chief Financial Officers
None of the Above
Entrepreneurs
12
No one can own free products and no price can be attached.
False
True
13
Which of the following would be a durable good?
Toothpaste
Deodarant
Lawn Mower
Pencil
14
What are the people with all of their abilities, efforts, and skills called?
Labor
Captial
Entrepreneurship
Land
15
Which of the following is
not
one of the three basic economic questions?
For whom to produce?
How to produce?
Where to produce?
What to produce?
16
Which of the following is true of the economic concept of scarcity?
Scarcity always exists
Scarcity is temporary
Scarcity does not exist in our modern world
None of the above are true of scarcity
17
What is capital?
The skills and abilities of the workers
Gifts of nature
Money
The machines and tools used to produce
18
Which of the following is an example of a country's trade offs?
All of the above
Production of automobiles
Production of food
Production of weapons
19
What is it called if you are at a point below the frontier?
None of the above
Economic Growth
Overutilization
Underutilization
20
What can cause the production possibilities curve to shift to the right?
Underutilization
Unemployment
More resources
None of the above
21
What factor of production is a gift of nature?
Land
Capital
Entrepreneurship
Labor
22
Which of the following is an opportunity cost?
The money you pay for a product
The value of the next best alternative that is given up
The is no such thing, its a made up Economic term
All the options given up when you make a decision
23
Which of the following is an example of a need?
Food
Iphone
Car
XBox
24
What is the economic concept of buying expensive products in order to impress others called?
Conspicuous Consumption
A waste of Money
Keeping up with the Kardashians
Opportunity Cost
25
Which of the following is an example of a shortage?
Oranges after a deep freeze in Florida
Consumers wants
A country's resources
The time you have on any given day
26
Which of the following is an example of a non-durable good?
Apple
XBox
IPhone
TV
27
What is Economics?
The study of money
An amazingly fun class
The study of spending
The study of the efforts to satisfy unlimited wants with scarce resources
28
Why would the production possibilities curve shift to the
left
?
Better Technology
Less labor
More Land
More enterpreneurs
29
Why is using a decision making chart a good idea?
Criteria to Evaluate
Consider all Alternatives
Evaluate each decision
All of the Above
30
Scarcity is caused by the shortage of money.
True
False
