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Chapter 1 Economics Flashcards | StudBud
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Chapter 1 Economics
Chapter 1 Economics
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Chapter 1 Economics - The Basics
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
An economy that uses its resources to make the greatest number of goods and services is called:
globally aware
using opportunity cost well
efficient
underutilized
2
Which of the following exists in only limited amounts?
all of the above
capital resources
natural resources
human resources
3
The skills and knowledge gained by a worker through education and experience
money capital
experience capital
physical capital
human capital
4
Which of the following is NOT a producer of goods?
auto worker
barber
farmer
paper manufacturer
5
Scarcity is a problem faced by
all societies
all societies
only poor societies
all societies
6
Land, labor & capital are known as
factors of production
human capital
opportunity costs
production techniques
7
To what part of an industry does a workers education contribute?
technology
physical capital
human capital
scarce resources
8
All of the following are capital goods EXCEPT
tools
factories
machinery
money
9
What is a factory an example of?
human capital
an economic trade-off
an economic trade-off
physical capital
10
Why are all goods and services scarce?
some people want more goods than others
some goods cost more than others
some things are needs, others are wants
all resources are scarce
