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Economics Flashcards | StudBud
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Economics
Economics
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Flashcards
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Questions
20
Answers
1
Relying on others for what you can't make or do yourself is called
interdependence
Natural Resource
Division of Labor
Surplus
2
Coal is an example of what kind of resource
human resource
capital resource
Natural Resource
Entrepreneurship
3
Which of the following is a
capital resource
that helps Ohio specialize in growing soybeans?
Tractors
fertile soil
climate
Farmers
4
Which of the following is a
human resource
that allows Ohio to specialize in growing soybeans?
Machines
Fertile soil
Tractors
Farmers
5
Making a job easier by splitting it up and sharing the work is what kind of economic concept?
Opportunity Cost
Division of Labor
Services
Goods
6
What is the difference between a good and a service?
A good is good and a service is bad
They are the same
A good is an action and a service is a product
A good is a product and a service is an action
7
Baseballs, basketballs, video games, and books are all examples of what?
services
dinner
goods
interpendence
8
A building is what kind of resource?
capital resource
human resource
natural resource
entrepreneurship
9
__________ is how much of an item there is
Demand
Supply
Opportunity Costs
Knowledge
10
__________ is how much of an item is needed or wanted
supply
knowledge
demand
opportunity cost
11
What is scarcity?
When you don't have enough of something.
When you have too much of something.
food, clothes, shelter
What you give up when you make a choice.
12
Teachers, police officers, doctors and mechanics provide...
interdependence
services
dinner
goods
13
We can't possibly make all of the things we want and need. What can we do to get all of the resources we want and need?
trade
specialize
division of labor
nothing
14
The three types of resources are..
specialization, trade, division of labor
supply, demand, and scarcity
goods, serivces, and buisnesses
natural, human, and capital
15
The following scenerio is an example of what?
interdependence
specialization
goods
opportunity cost
16
There is a brand new video game coming out and everyone wants one. What economic issue is likely to happen?
high demand, causing scarcity
Low demand, causing a scarcity
Low demand, causing a surplus
High demand, causing a surplus
17
In economics, what is the difference between producers and consumers?
Producers make music, consumers consume time
Producers are fruits, consumers are breads
Producers are high on the food chain, consumers are low on the food chain.
Producers create products, consumers purchase products
18
Employees are what type of resource?
human
environmental
capital
natural
19
What do you call the money that's left after a business pays their expenses?
Opportunity Costs
Profit
Specialization
Division of Labor
20
Moving for a job that will pay more money is a _______ reason for immigration
economic
political
social
environmental
