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Topic 1 Review Flashcards | StudBud
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Topic 1 Review
Topic 1 Review
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Flashcards
15 cards
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Questions
15
Answers
1
The study of the choices by people, businesses and governments in the face of scarcity
Globalization
Economics
Ethics
Micro-economics
2
Not effectively using resources
thinking at the margin
efficiency
ppc
underutilization
3
Entrepreneurs
promote economic growth
maximize factors of production
incur all risks when getting started
all of the above
4
Points along the PPC
underutilization
efficiency
5
Iron, Coal, Oil
Capital
Labor
Entrepreneurship
Land
6
Determining if an extra hour of studying or an extra hour of playing a video game is more beneficial
scarcity
marginal trade-off
opportunity cost
thinking at the margin
7
The following are factors of production, except:
Physical Capital
Money
Land
Entrepreneurship
8
The PPC allows economists to determine how to effectively utilize resources between 2 goods/services
False
True
9
Guns vs. Butter
military goods vs. consumer goods
shortage vs. scarcity
needs vs. wants
goods vs. services
10
A decision making process in which you compare what you give up vs. what you gain in a decision
marginal cost
thinking at the margin
marginal benefit
cost/benefit analysis
11
If pasta is $4 and rice is $2, the opportunity cost of rice in terms of pasta is
4
8
2
1/2
12
Resources are unlimited
False
True
13
Unlimited Wants > Limited Resources
opportunity cost
trade-offs
economics
scarcity
14
Act of giving up one benefit, for another:
marginal cost
scarcity
opportunity cost
trade off
15
Needs and wants are:
limited
unlimited
scarce
