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Economics Lesson 1 Flashcards | StudBud

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What is an entrepreneur?

What is the basic problem of economics?

Economics Lesson 1

11 terms·StudBud Administration·9 plays

Resources and Scarcity Quiz

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Questions 11

Answers

1
What is the basic problem of economics?
making decisions with limited resources and unlimited wants
making decisions with limited wants and unlimited resources
how to make money
how to be succesful
2
What is an entrepreneur?
Someone who makes money
Someone who works for the government
Someone who works at a business
Someone who starts and manages their own business
3
What are resources?
things like air and sunlight
things people produce
someone who makes goods
the things people use to make goods
4
You want to eat Mexican or Chinese food for dinner. You pick Mexican. The Chinese food is the:
resource
trade-off
product
opportunity cost
5
What are two unlimited resources?
Air and sunlight
Water and trees
Coal and oil
Land and Labor
6
What are examples of physical capital?
Machines and tools
People and resources
Education and training
Skills and knowledge
7
What are some examples of human capital?
Machines and tools
Education and training
Skills and knowledge
People and resources
8
What are the four productive resources?
Air, Sunlight, Water, Lumber
Resources, Goods, Scarcity, Trade-Off
Command, Market, Mixed, Traditional
Land, Labor, Capital, Entrepreneurship
9
What is a trade-off?
when you gain something, but also give up something
when the marginal benefits outweigh the marginal costs
when you just lose something
when you just gain something
10
What is opportunity cost?
the value of what you could have chosen
the value of what you gained
the thing you must give up to gain something
the value of the next best choice given up
11
What is scarcity?
the overabundance of resources
how limited resources are
things that aren't important
when people don't want something