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Econ Ch 1 Questions NEW for TEST Flashcards | StudBud
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Econ Ch 1 Questions NEW for TEST
Econ Ch 1 Questions NEW for TEST
22 terms
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StudBud Administration
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1,204 plays
Econ basics #economicsystems #scarcity
Flashcards
22 cards
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1
It is the factor of production that includes coal
entrepreneurship
land
capital
labor
2
Which is not Physical capital?
tools
ideas
equipment
buildings
3
Without this, Economics would not exist.
Choices
Money
Opportunity Cost
Scarcity
4
A trade-off is illustrated by:
Efficiency
Money
Ideal options
a Production Possibility Curve
5
Your next best alternative?
scarcity
opportunity cost
paradox of value
circular flow
6
Goal: standard of living is consistent
Security
Efficiency
Stability
Equity
7
It is the factor of production that refers to manmade tools used to produces goods & services.
entrepreneurship
labor
capital
land
8
Which of the following countries currently fits the major economic system of Socialism?
Japan
Canada
Switzerland
North Korea
9
Socialist economic system
free enterprise
centrally directed
driven by rituals
10
What is needed because of scarcity?
PPF Curve
goods
rationing
services
11
It is the factor of production that takes risks, innovates, and creates new products.
labor
capital
land
entrepreneuship
12
In a capitalist economy, the means of production are owned by
the whole public
government
private businesses and individuals
13
Method used by a society to produce and distribute goods and services
Economic System
Scientific Method
Entrepreneurship
Economic Goal
14
Underutilization is best matched with:
Production falls on the current PPF curve
Production falls inside the current PPF curve
Production falls outside the current PPF curve
15
Giving up your 2nd choice:
Economics
Trade-off
Scarcity
Opportunity Cost
16
On an economic spectrum, this economy has greatest degree of government control.
socialist
capitalism
laissez-faire
market
17
Economic system where the three basic questions are answered by rituals and customs.
Socialist
Traditional
Free enterprise
Market
18
Which is NOT one of the three economic questions?
How to produce it?
Who will buy it?
How much is it?
What to produce?
19
It is the factor of production that includes all human effort, mental and physical.
land
labor
capital
entrepreneurship
20
A consequence that is not planned and occurs once a decision is made:
unintended
deliberate
intended
coincidental
21
What do citizens own and trade for wages, rent, profit and interest?
Goods and Services
Labor
Factors of Production
Infrastructure
22
It is THE economic problem; refers to unlimited human wants and needs and limited resources.
scarcity
inflation
unemployment
poverty
