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Study Guide about Economics Flashcards | StudBud
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Study Guide about Economics
Study Guide about Economics
25 terms
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StudBud Administration
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17 plays
This is for Mr. Susman's class
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Financial capital is about having the money to buy capital goods.
False
True
2
In order to distribute goods, what systems need to be made?
Airplanes, trains, cars
Roads, airports, ships, railways, and etc.
Roads, airports, ships, and trains
Roads, airports and ships
3
The Initiative of entrepreneurship combines the resources of what into new products?
Land, machinery, and tools
Land, capital, working
Land, labor, and capital
Land and capital
4
How to produce something is largely based on what?
Efficiency of production
Scarcity
Natural recourses
The economy
5
What are natural resources?
Food, water, oil, minerals
Water, natural wildlife, forests, oil, and minerals
Water, natural wildlife, land, oil, and minerals
Oil, Minerals, animals
6
What limits the choices and decisions of the consumers?
The company
Income
Scarcity
Money
7
The efficiency is sometimes independent of natural resources.
True
False
8
What is the math of GDP
Consumption + Investment + Government + Spending + Net Exports
Consumer spending + Business Spending + Government Spending + Net Exports
Consumption + Investment + Government Saving + Net Exports
Consumer spending + Business Saving + Government Spending + Net Exports
9
What are capital goods?
Money to buy recourses
Result of knowledge and skills
All the physical resources available to a business
Physical tools and equipment
10
Labor is a resource
True
False
11
All human expertise, effort, and time is used for production
True
False
12
What is GDP the measurement of?
Final goods and services
Money intake
All goods and services
Goods and services
13
What is created through vision, skill, creativity, and innovation?
A dream
A workplace
A business
A job
14
What is human capital?
Result of knowledge and skills
All the physical resources available to a business
Money to buy recourses
Physical tools and equipment
15
What is GDP?
Go Do Performance
Market value of things produced in a nation's economy given time
Market value of all goods and services produced in a nation's economy time
Gross Domestic Production
16
Almost all countries have their natural resources and the production of it, determined by their government
False
True
17
Goods and services can be equally distributed or based on who is willing to pay the most.
False
True
18
What are the 4 factors of production?
Land, Capital, Labor, Entrepreneurship
Humans, water, diamonds, and labor
Land, Capital, Entrepreneurship, and natural recources
Capital, wildlife, trees, and scarcity
19
What is physical capital?
All the physical resources available to a business
Physical tools and equipment
Money to buy recourses
Experience that is result of knowledge and skills
20
Scarcity is caused by a shortage of money
True
False
21
What is FOP?
Factors of paper
Factors of production
Factors of party
Favorite orange perfume
22
Where are all natural resources found?
In volcanoes
In caves
On or below Earth's surface
In the ground
23
What does scarcity cause consumers to do?
Buy more things
Panic
Make a choice
Buy people to make more
24
What is the driving force in the American Economy?
Initiative of entrepreneurship
Entrepreneurship
Jobs
Businesses
25
What choices are necessary when resources become scarce?
No choices are made
How to make things more expensive
Which goods are made and which services are provided
Who gets what first
