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Intro to Econ (First half of Unit 8) Flashcards | StudBud
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Intro to Econ (First half of Unit 8)
Intro to Econ (First half of Unit 8)
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Flashcards
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Questions
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Answers
1
What does point "B' demonstrate?
Inefficiency
Efficiency
Something impossible
2
___________ : actions or activities that one person performs for another
Oppurtunity Cost
Services
Scarcity
Goods
3
In economics, we assumed people have unlimited wants and needs
False
True
4
You just made a decision! What are ALL THE OPTIONS you could have selected called?
Oppurtunity cost
PPFs
Scarcity
Tradeoffs
5
(Factors) A factory building is an example of...
Human Capital
Entrepreneurship
Goods
Physical Capital
6
Economics is the study of how people:
Form economies
Create employment
Make decisions
Make money
7
You just made another decision. Congrats! What is the MOST DESIRABLE ALTERNATIVE called? (aka, the option that was 2nd)
Tradeoff
Economic Choice
Oppurtunity Cost
Scarcity
8
What can cause a production possibilities curve to move to the right?
Thousands of people move out of the country
A new invention lowers the cost of production
The population is growing increasingly old and unable to work
9
The Factors of Production just DECREASED. What is the only point that is now possible?
C
D
A
B
10
___________ : limited quantities of resources to meet unlimited needs or desires
Goods
Services
Scarcity
Oppurtunity Cost
11
What is the most famous example of a PPF that shows the choice governments have to make?
Guns and Butter
Links and Smiles
Consumer and Governmental
Guns and Roses
12
Which of the following is NOT a key economic question?
Who consumes these goods and services?
How should these goods and services be produced?
What goods and services should be produced?
How should it be ensured that goods and services are paid for?
13
What is the opputunity cost of moving from Point B to Point C?
Machines
Foods
14
____________: All the resources needed to create a good or service
Scarcity
Capitial
Factors of Production
Oppurtunity Cost
15
(Factors) Something "human-made"
Land
Entrepreneurship
Labor
Capital
16
What kind of graph is this?
PPF
FPP
LOL
PFP
17
(Factors) A "Gift of Nature"
Land
Capital
Entrepreneurship
Labor
