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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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Questions
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1
A graphical representation of all possible combinations of two goods that an economy can produce is a(n)
PPC ()Production Possibilites Curve)
resource
rationing device
want
2
Opportunity Cost refers to
the value of the next highest alternative not chosen
a missed opportunity
a bargain you made
the amount of money you spent
3
Scarcity is the basis for studying economics.
False
True
4
The production possibilities frontier teaches four concepts. They include
scarcity trade offs, opportunity costs,
scarcity, trade offs, opportunity costs, efficiency
scarcity, trade offs, opportunity costs, incentives
scarcity, trade offs, opportunity costs, benefits
5
Microeconomics is the study of the entire economy.
True
False
6
A developer of a new smartphone is which factor of production?
entrepreneur
land
labor
capital
7
A computer used to produced a magazine is what economic resource?
labor
entrepreneurship
capital
land
8
Economics is based on
fantasy
guessing
social science
science
9
Trees cut down to be used to make railroad ties are considered to be what factor of production?
land
labor
capital
entrepreneurship
10
Which of the following is not considered a land resource?
Water
OIl
Coal
Plastic
11
The Four Factors of Production are...
Land, labor, patent, dealer
Land, labor, capital, politics
Land, labor, capital, entrepreneurship
Land, labor, money, entrepreneurship
