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Economics Flashcards | StudBud
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Economics
Economics
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1
What is the definition of economics?
idk..
The scientific study of the mind and behavior.
The study of human efforts to satisfy unlimited wants with limited resource
the study of everything in the universe beyond Earth's atmosphere.
2
What is a "good"?
Work that is performed for someone.
organizers of the other resources.
capacity to be useful.
Things that are bought, sold, traded and produced.
3
Wants are the basic requirements for survival
False
True
4
Consumers are people who use goods and services
True
False
5
Utility is NOT the capacity to be useful
True
False
6
What is "income"?
the amount of money needed to buy
Money spent
Money received
7
What is "Scarcity"?
The study the production and distribution of goods and services.
The cost of an economic decision.
Goods and services that are useful.
Unlimited wants with limited goods.
8
Needs are the desires of citizens
False
True
9
What is a Trade-off
George Washington
The choice that you make option A or B.
10
What is value
The ability to produce vast amounts of goods
The cost of an economic decision.
An assignment of worth.
Items used in the creation of other goods.
11
Opportunity Cost is the cost of an economic decision.
False
True
12
Capital Goods are Items used in the creation of other goods.
True
False
13
Factors of production are land, labor, capital, & entrepreneurship
False
True
14
What is an Entrepreneur
An individual who starts and runs a business with limited resources.
A graphic illustration of trade-off and opportunity cost.
people who use goods and services.
15
What are Services?
Work that is performed for someone.
Any good that lasts more than three years when used on a regular basis.
Use of a good or service to impress others.
