Economics is the study of

The choices we make due to scarcity.

Which is the most accurate definition of the study of economics? Economics is the study of

The choices we make because of scarcity.

Which of the following is not a factor of production?

A share of stock issued by a firm.

The opportunity cost of something you decide to get is

The highest valued alternative you give up to get it.

Manufactured goods needed to produce other goods and services are called

Consumer Goods., Capital Goods.

Economics is best defined as the study of how people, businesses, gov.ts and societies

Make choices to cope with scarcity.

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NV C1 - What is Econmics

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#Chapter 1 in economics.

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Questions 23

Answers

1
Economics is the study of
Ways to reduce wants to eliminate the problem of scarcity.
The distribution of surplus goods to the poor.
The choices we make due to scarcity.
Affluence in a morally bankrupt world.
2
What term defines the “choices that are best for the society as a whole”?
Social interest.
Self-esteem.
Self-defeat.
Self-interest.
3
Entrepreneurs do all of the following except
Own all the other resources.
Bear risk from business decisions.
Organize labor, land and capital.
Come up with new ideas about what, how, where to produce.
4
Which is the most accurate definition of the study of economics? Economics is the study of
Ways to reduce wants to eliminate the problem of scarcity.
The distribution of surplus goods to those in need.
The choices we make because of scarcity.
Affluence in a morally bankrupt world.
5
The fundamental basic economic problem is ____________________?
There is no such thing as a free lunch.
Opportunity cost.
Scarcity.
Entrepreneurship.
6
The attempt by gov.t to address a public or social issue through a law or a series of laws is
Circular flow of economic activity.
Public Policy.
Trade-offs.
Self-choice.
7
Three basic economic questions are:
What? How? and When?
What? Where? and When?
What? How? and for Whom?
Why?, What? and How?
8
Macroeconomics is the branch of economics that studies
The economy as a whole.
Important, as opposed to trivial, issues.
Prices of individual goods.
The way individual markets work.
9
________________ are alternate choices made by consumers in the marketplace.
Value.
Trade-offs.
Entrepreneur.
Productivity.
10
The study of economics is important because it enables us to
Memorize past events.
Become good shoppers.
Predict the future economic needs.
Become better decision makers.
11
In economics, the behavior of individual decision-making units is the definition of
Positive economics.
Normative economics.
Macroeconomics.
Microeconomics.
12
The most fundamental economic problem is
Healthy
Scarcity
Security
The fact the U.S. buys more foreign goods than it exports.
13
Which of the following is not a factor of production?
A share of stock issued by a firm.
A new computer used by a small business owner.
The time worked by a Social Studies teacher.
A tractor used by a wheat farmer.
14
The opportunity cost of something you decide to get is
All possible alternatives that you give up to get it.
The lowest valued alternative you give up to get it.
The amount of money you pay to get it.
The highest valued alternative you give up to get it.
15
Manufactured goods needed to produce other goods and services are called
Non-durable goods.
Consumer Goods.
Capital Goods.
Payroll expenses.
16
_______________________ is an acronym for the idea that everything has a cost.
TINSTAAFL.
CELL.
NAFTA.
OPEC.
17
Scarcity requires people must
Trade.
Compete.
Cooperate.
Make choices.
18
Because we face scarcity, every choice involves
An opportunity cost.
The question of what?
Money.
Giving up something for nothing.
19
A basic requirement for survival is a (n)
Need.
Opportunity cost.
Paradox of value.
Want.
20
______________ is a risk taker in search of profits.
OPEC.
Gifts of Nature.
Entrepreneur.
TINSTASFL.
21
What term describes the choices that are best for the individual?
Self-esteem.
Self-interest.
Social choice.
Self-defeat.
22
Economics is best defined as the study of how people, businesses, gov.ts and societies
Make choices to cope with scarcity.
Choose abundance over scarcity.
Use their infinite resources.
Attain wealth.
23
Economist point that scarcity confronts
Both the rich and the poor.
The poor and not the rich.
The rich but not the poor.
Neither the rich or poor.

NV C1 - What is Econmics Flashcards | StudBud