What are the four factors of production?

Land, Labor, capital, Entrepreneurship

What is the basic economic problem?

Unlimited wants, Limited resources

Within the circular flow, there are two markets. These markets are the

product market & resource market.

The choices we have to make becasue of scarcity.

Define Opportunity Cost

The Next Best Alternative Forgone

nonexcludable and nonrival in consumption.

what is an economic systems?

The ways in which society answers the 3 economic questions.

In the circular flow model, the resource markets (Factor Markets) are the markets in which

land, labor, & capital are bought & sold

How can campanies shift their Production Possibilities Curve?

Investing in The Factors of Production

What are the two economic assumptions of Economics

People are Rational and People are self-interested

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Unit 1 Fundamentals

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Questions 15

Answers

1
What are the four factors of production?
Land, Liberty, Capital Entertainment
Water, Air, Earth, Fire
Land, Labor, Capital, Entertainment
Land, Labor, capital, Entrepreneurship
2
I can read and interpret a production possibilities graph!
No :(
No, but I will be able to by tomorrow
Yes!
A what?
3
What is the basic economic problem?
Limited wants, Unlimited resources
Unlimited wants, Limited resources
Unlimited supply, Limited demand
Limited supply, unlimited demand
4
Within the circular flow, there are two markets. These markets are the
market for the government & the market for everyone else.
market for tangibles & the market for intangibles.
product market & resource market.
market for business to sell goods
5
what is a trade off
buying food
The benefits of working
The choices we have to make becasue of scarcity.
Were everything is free and you live forever
6
Define Opportunity Cost
The Cost of running buisness
IDK
The Next Best Alternative Forgone
The time given up for the 3rd Best Alternative
7
What does the Production Possibilities Frontier graph demonstrate?
Opportunity Cost
Actual Cost
Economic Cost
Production Cost
8
Public goods are
nonexcludable and nonrival in consumption.
excludable and rival in consumption.
nonexcludable and rival in consumption.
excludable and nonrival in consumption.
9
What does the circular flow model show us?
The flow of goods and services around the economy
The relationships between firms, and households
all of the above
The flow of money around the economy
10
what is an economic systems?
A system on private ownership trade between buyers sellers.
the ability to produce more of a given amount of resources.
A system where power distribution is included.
The ways in which society answers the 3 economic questions.
11
Command economic system is the government controlling the economic system.
False
True
12
Economic systems that are "hands off" are known as...
Mixed economy
communism
Planned economy
Market economy
13
In the circular flow model, the resource markets (Factor Markets) are the markets in which
governments impose all their taxes.
government goods & services are provided.
consumption goods & services are bought & sold.
land, labor, & capital are bought & sold
14
How can campanies shift their Production Possibilities Curve?
Trade offs
Investing in The Factors of Production
The 7 economic goals
Buying Consumer Goods
15
What are the two economic assumptions of Economics
People are rational and look out for other people first.
People are greedy and self-interested
People do what is best for society but don't make rational choices
People are Rational and People are self-interested

Unit 1 Fundamentals Flashcards | StudBud