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Economic Concepts
Economic Concepts
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basic concepts of economics
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Term for not enough resources to satisfy all human wants.
utility
scarcity
opportunity cost
trade offs
2
The knowledge of people is which factor of production?
capital
land
entrepreneurship
labor
3
The benefit or satisfaction received from using a good or service is called ...
utility
wants
incentive
economize
4
The seed pods in making chocolate are which factor of production?
labor
capital
land
entrepreneurship
5
Sneakers are an example of ....
goods
consumer
producer
services
6
All of the following are factors of production except:
capital
infrastructure
land
entrepreneurs
7
Which of the following is one of the 3 basic economic questions?
How much should we produce?
Who should produce it?
How much will it cost?
How will it be produced?
8
The chocolatier is which factor of production?
entrepreneur
labor
capital
consumer
9
Goods that are needed for survival are called ....
benefits
producers
needs
consumers
10
Desires that can be satisfied by consuming a good or service is called ...
wants
needs
scarcity
trade offs
11
Healthcare is an example of ...
costs
trade offs
utility
services
12
The study of how people choose to use scarce resources to satisfy their wants is called ...
social science
marginal benefit
economics
producers
13
Making decisions according to the best combination of costs and benefits.
decision making
utility
economizing
incentive
14
Buy one, get one free is an example of ...
trade off
utility
opportunity cost
incentive
15
Which of the following is one of the 3 basic economic questions?
What incentives should we use?
What is in demand?
What will be produced?
What will I buy?
16
The value of something that is given up to get the next best alternative is called ...
opportunity cost
choice
utility
trade off
17
Which of the following is one of the 3 basic economic questions?
How much should it cost?
For whom will it be produced?
Where should it be sold?
Who will buy it?
18
When you purchase goods or services you are acting as a ....
entrepreneur
labor
consumer
producer
19
Factory machines are which factor of production?
entrepreneurship
labor
capital
land
20
Entrepreneurs need all of the following except:
college degree
vision
skill
risk-taking
21
Term for not enough resources to satisfy all human wants.
trade offs
opportunity cost
scarcity
utility
