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Econ Ch1 Flashcards | StudBud
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Econ Ch1
Econ Ch1
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Chapter 1
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Which of the following is a visual aid that helps determine how best to use its resources?
production possibilities curve
opportunity cost
trade-off
scarcity
2
The four factors of production are the resources of land, labor, capital, and
entrepreneurship.
goods.
services.
productivity.
3
As an economic term, land includes
knowledge.
work people do.
machinery.
natural resources.
4
The basic problem of economics is
overabundance of resources.
shortages.
scarcity.
lack of choice.
5
Which of the following describes what economists do?
consider every detail of a problem
rely on public opinion
offer solutions to economic problems
predict which policies will be good or bad
6
All economic choices involve
tax dollars.
trade-offs.
destruction of resources
shortages.
7
In a trade-off, opportunity cost is the value of the
action that was chosen.
factors of production.
scarce resources.
next best alternative.
8
advance in knowledge leading to new and improved goods, and better ways of producing them
economics
capital
technology
labor
9
The first step in creating an economic model is to
state a hypothesis.
define the problem.
form a generalization.
evaluate the data.
10
The most scarce resource of the following:
Guns
time
Butter
numbers
