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Economics Unit 1 Flashcards | StudBud
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Economics Unit 1
Economics Unit 1
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Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Read passage--Identify the capital in this message.
Chicago's Continental Bakery
Hostess
Shortcake pans
James Dewar
2
What is the scarce resource depicted in this graph?
Time
Money
Work
Studying
3
What is economic interdependence?
relationship between the four factors of production
reliance on one another to provide goods and services
the ability to produce goods and services
the result of a division of labor
4
The study of economics is important because it enables us to
become better decision makers
determine what goods ought to be produced
describe our standard of living
increase our consumption of consumer goods
5
Which of the following is NOT a capital good?
an oven at a bakery
a bulldozer at a construction site
a television set for sale at an appliance store
a cash register at a clothing store
6
Graph--company decides to make 4 gallons of red paint--how many gallons of blue can be made?
8
6
3
2
7
Opportunity cost of doing something is the next best alternative, or _____ that you give up
production possibilities frontier
TINSTAAFL
Trade-offs
decision-making
8
A popular model used to illustrate the concept of opportunity cost
paradox of value
entrepreneurship
facotrs of production
production possibilities (frontier)
9
A _____ grid can be used to evaluate alternatives.
TINSTAAFL
decision-making
Trade-offs
production possibilities frontier
10
Manufactured good needed to produce other goods and services are called
consumer goods
nondurable goodes
Gross Domestic Product
capital goods
11
Specialization refers to
arranging individual workers do fewer tasks than before
the process of creating goods and services
the use of the four factors of production
performing one task relatively more efficiently than another
12
Which of the following best describes the relationship between trade-offs and opportunity cost?
trade-offs lower the opportunity costs of a decision
opportunity costs are the opposite of trade-offs
opportunity costs are incurred when trade-offs are made
trade-offs occur when there is no opportunity cost
13
The money used to buy the tools and equipment needed for production is known as
factors of production
wealth
financial capital
capital goods
14
Student studies one more hour to get a B instead of an A--What is the opportunity cost?
1 hour of work and $20
2 hours of work and $20
1 hour of work and $40
2 hours of work and $40
15
When growth happens, the ___ shifts outward, showing more products produced than before
TINSTAAFL
production possibilities frontier
Trade-offs
decision-making
16
Which of the following is an example of a good?
a car wash
an oil change
a car
a tune-up
17
_____ describes the concept that everything we do has a cost.
TINSTAAFL
production possibilities frontier
Trade-offs
decision-making
18
Which of the following is NOT a basic economic question?
WHEN to produce
WHAT to produce
FOR WHOM to produce
HOW to produce
19
For something to have value, it must
be on sale
cost a lot of money
never go out of style
have utility
20
Study the graph--at point B, what represents the cost of military goods given up?
vertical distance between x and y
horizontal distance between y and z
vertical distance from A to x
horizontal distance between z and E
21
What is the fundamental problem of economics
labor
factors of production
captial
scarcity
22
Division of labor is characteristic of
assembly line production
classroom education
home craft businesses
entrepreneurship
23
An economy at its production possibilities frontier is operating
with slow economic growth
without division of labor
at full potential
as a free enterprise economy
24
Imagine you decide to buy a soccer ball for $35. Which of the following is an opportunity cost?
something else that could have been bought
$35 cash
the time spent deciding to spend your money
time spent making the purchase and the tax paid
25
Which of the following is an example of a service?
a blow dryer
a haircut
scissors
hair spray
26
Read passage--Identify the entrepreneurship in this message.
Shortcake pans
James Dewar
Hostess
Chicago's Continental Bakery
27
Actions in one part of the world that have an economic impact on what happens elsewhere
economic interdependence
specialization
trade-offs
opportunity costs
28
Which of the following is NOT a characteristic of a production possibilities frontier?
illustrates the concept of opportunity costs
indicates the idea production levels of goods and services
based on full employment of all resources
used by economists as a tool for description and analysis
29
When necessities have little value and some non-necessities have a higher value is known as
paradox of value
opportunity cost
trade-offs
economic interdependence
30
Which of the following lists the four factors of production?
labor, needs, capital, entreprenuers
land, labor, capital, scarcity
land, labor, capital, entrepreneurs
land, labor, wants, entrepreneurs
