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Economics Chapter 1 Flashcards | StudBud

Explore/Economics Chapter 1

Economics Chapter 1

5 terms·StudBud Administration·38 plays

a quiz to review the basics of economics

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Questions 5

Answers

1
Akiak has $2 and wants to buy: book, candy & snow boots. He buys candy but wants the book.
His opportunity cost is the $2
His opportunity cost is the book and the snow boots
His opportunity cost is the snow boots
His opportunity cost is the book
2
In economics, something is scarce when
nobody wants it
there is not enough for everyone to have all they want
you can get it at any cost
everyone has what they want
3
Which item is not a good?
pants
candy bar
pencil
car repair
4
Box # 8 should have:
land
consumer
wage
producer
5
The three basic factors of production are:
land, labor, capital
money, unions, government
capital, money, unions
land, capital, government