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Economics Vocab Intro- Ch 1 & 2 Flashcards | StudBud
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Economics Vocab Intro- Ch 1 & 2
Economics Vocab Intro- Ch 1 & 2
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#economics #introduction
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which of the following is NOT a factor of production?
Labor
Goods and Services
Physical Capital
Land
2
The Production Possibility Frontier shows
Production factors and technology of an economy
None of the two
the combination of what can be produced
3
The opportunity cost of trading 30 carrots for 45 lemons would be what?
45 lemons
30 carrots
45 carrots
30 lemons
4
Which of the following would be considered a want by economists?
Clothing
Food
XBox
All of these
5
Which of the following would be an incentive?
getting to school on time
the requirement to attend school until you are 16
your pencil that you use in class
your paycheck for working at Culver's
6
The study of
microeconomics
is concerned with..
Branch of government that deals with wants and needs
Economic theory & decisions of large bodies (gov't)
behavior of smaller units like individuals and businesses
7
Ceteris Paribus can best be translated as...
The rational consumer
It's only logical
Other things constant
8
Which of the following is a normative statement?
I teach Macroeconomics 4th period.
Math is evil.
Economics is an empirical science.
9
Which of the following would be a positive statement?
We are going to get rain today.
The forecast says it is going to rain today.
10
Scarcity is defined as...
Wants and needs
Opportunity Cost
Unlimited wants, but limited resources
11
What is the definition of economics?
they are all acceptable definitions
study of choices people make
study of scarcity
study of resources and allocation
12
The study of macroeconomics is concerned with...
Behavior & decisions of smaller units (ex. individuals)
Economic theory & Economic decisions of large bodies
Branch of government that deals with wants and need
13
Division of labor is most closely associated with which of the following...
trade offs
scarcity
specialization
entrepreneurship
14
In this graph:
point D
indicates
Scarcity of resources
Unattainable point
Inefficient point
Efficient point
15
The assumption that individuals operate for their own best interest is called the...
Ceteris Paribus
Economic Assumption
Rationality Assumption
Common Sense
