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Basic Economic Concepts Flashcards | StudBud

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Basic Economic Concepts

10 terms·StudBud Administration·642 plays

Used to review unit 1 for an economics honors class for high school seniors. Terms include: factors of production, scarcity, efficiency

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Questions 10

Answers

1
Guns or butter is an example of
trade off
underutilization
weird recipe
efficiency
2
An example of underutilization would be
pollution
unemployment
efficiency
full employment
3
A factorybottles apple and cranberry juice. What is the trade-off to produce more apple juice?
a smaller factory
less cranberry juice
more cranberry juice
a bigger factory
4
an economy is efficient when
all resources are used
fewer resources are used than available
no resources are used
there is no waste
5
The difference between scarcity and shortage
scarcity always exists
scarcity results from falling prices
scarcity deals with 1 product
no difference
6
raw materials
labor
land
capital
entrepreneurship
7
Providing training for employees is an example of
human capital
physical capital
entrepreneurship
labor
8
We have scarcity because
people don't want products
resources are limited
we just do
laborers are tired
9
A risk-taker
a daredevil
a human being
a dummy
an entrepreneur
10
An example of physical capital
education
skills
corn
building