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Econ Chapter 1 Quiz Flashcards | StudBud
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Econ Chapter 1 Quiz
Econ Chapter 1 Quiz
17 terms
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Going over the basics of the science of economics, basic economic concepts, and economic choices.
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
______ exists when there are not enough resources to satisfy human wants
Want
Need
Economics
Scarcity
2
Land is resources created by man.
False
True
3
How many factors of production are there ?
2
7
4
3
4
What is the difference between Needs and Wants ?
A need is a basic requirement for survival
A want is something we want but isn’t necessary for survival
Need is something we want but isn’t necessary for survival.
Want is a basic requirement for survival
5
Division of Labor and specialization can improve ___________.
Productivity
Scarcity
Wants
Capital
6
Basic Requirement for survival is _________••
Need
Scarcity
Want
Economics
7
Societies do not have enough productive resources to satisfy everyone‘s wants and needs.
False
True
8
Education is one way to invest in __________?
Businesses
Wants and Needs
Human Capital
GDP
9
What is one of the 3 basic questions in Economics?
Should it be produced
Where to Produce
For whom to produce
When to Produce
10
______ is the benefit or satisfaction received from using a good or service
Utility
PPC curve
Incentives
11
What are the factors of production ?
Prediction, Explanation, Analysis, and Labor
Land, Capital, Labor, and Entreprenuers
Data, Capital, Wants, and Needs
Hypothesis, Analysis, Research, and Data
12
What defines a entrepreneur?
Risk-Taking individual in search of of profits
The fundamental economic problem
Natural resources
Tool, equipment, and factorie.
13
Consumers are people who ?
produce the wants and needs.
sell the wants and needs.
use goods and services to satisfy their wants and needs.
distribut the wants and needs.
14
What is a trade-off?
Opportunity Cost
Division of Labor
is the alternative people give up when they make choices.
Economic Groth
15
___________ is the value of something that is given up to get something else that is wanted.
Opportunity Cost
Choices
Incentives
Alternatives
16
What is Human Capital ?
People’s skills, abilities, health, knowledge and motivation
How much money they have on them.
How much money they have in the bank.
Someones cost of living
17
_______ is defined as a basic requirement for survival, including food, clothing, and shelter.
Economics
Scarcity
Want
Need
