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Economics Week 1 Flashcards | StudBud

Explore/Economics Week 1

Economics Week 1

13 terms·StudBud Administration

Test your knowledge of our first week in Economics.

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Questions 13

Answers

1
What is entrepreneurship?
Unlimited human wants in a world of limited resources
An old wooden ship
Setting up a business, with risks in the hope of profit
A business venture, with risks and profits
2
Labor is...
Human financial and social energy
Human physical & mental effort to create goods & services
Human yuman Newman
infinite
3
A traditional economy is...
capitalism
one in which the future is foremost
one in which past customs decide how goods are distributed
one in which history repeats itself
4
Productive resources is another term for...
Factors of Production
Factors of Factories
Factors of Distribution
Factories of Production
5
Identify all the components of human capital.
Experience
Skills
Money
Knowledge
6
Which is not one of the four factors of production?
Entrepreneurship
Oil
Labor
Land
7
What is the fundamental economic problem known as scarcity?
Limited human wants in a world of unlimited resources
Unlimited human wants in a world of limited resources
The scary city
Wealth in the form of money
8
Where did Mr. Beach go to college?
Koledge University
Tufts University
Georgia Tech
Taft College
9
Which of these people is not an example of an entrepreneur?
Donald Trump
Madam C.J. Walker
Jay-Z
Malcolm X
10
What is capital?
Wealth in the form of money or other assets
Washington DC
Atlanta
Goods and services
11
Economics is all about money.
False
True
12
What is not an example of natural resources?
Computers
Wood
Oil
Light
13
Which factor of production was missing from the last question?
Capital
Resources
Land
Wood