human effort exerted during production.

buildings or tools used in the production process

items produced by nature that can be used to produce goods

manufactured material used to create products

the level of output that results from a given level of input

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Econ Chapter 1

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Chapter 1 Quiz

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Questions 21

Answers

1
One good sacrificed for another
scarcity
productivity
opportunity cost
trade-off
2
Human resources
building or tools used in the production process
starting a new business.
human effort exerted during production.
items produced by nature that can be used to produce goods
3
____ the study of the choices that people make to satisfy their needs.
PPC
government
economics
opportunity cost
4
___ allows consumers to use items before paying for them
credit
money
loans
debit
5
Entrepreneurship
items produced by nature that can be used to produce goods
human effort exerted during production.
buildings or tools used in the production process
starts a new business
6
___ refers to economic choices made by a single body or individual
Macroeconomics
scarcity
Microeconomics
economics
7
Capital goods
starts a new business
manufactured material used to create products
items produced by nature that can be used to produce goods
buildings or tools used in the production process
8
Natural Resources
items produced by nature that can be used to produce goods
starting a new business
manufactured material used to create products
human effort exerted during production
9
___ actions or activities performed for a fee
Consumers
Services
Goods
Producers
10
__ Is how much someone else is willing to give
scarcity
utility
value
interdependence
11
Buyers are __
services
Consumers
Producers
goods
12
Problem that results from limited resources and unlimited wants
Opportunity Cost
Scarcity
Choice
PPC
13
___ is when producers and consumers agree to provide one item in return for another
customers
exchange
A sell
greed
14
___ physical objects to be purchased
Services
Consumers
Goods
Producers
15
___ refers to large scale economic choices.
economics
scarcity
Macroeconomics
Microeconomics
16
____ is anything that people use to make or obtain what they want
scarcity
opportunity cost
Wal-Mart
Resources
17
Sellers are ___
services
Producers
goods
Consumers
18
Capital resources
manufactured material used to create products
items produced by nature that can be used to produce goods
starts a new business
human effort exerted during production
19
value of the next best alternative given up to obtain an item
productivity
opportunity cost
trade-off
Choices
20
Productivity increases as workers become more __
smarter
hard-working
crafty
efficient
21
Productivity
problem that results from limited resources & unlimited want
value of the next best alternative given up to obtain a item
the level of output that results from a given level of input
one good sacrificed for another

Econ Chapter 1 Flashcards | StudBud