Basics of Economics Review Flashcards

1

How many TYPES of Capital is there?

2
1
4
3

2

A WANT is something you CANNOT live without

False
True

3

Which is an example of a service?

Chair
Tree
Waitress
bed

4

Scarcity effects about 100% of the world

False
True

5

Which of the following is the best definition of a need?

a fundamental necessity for life
a way to express your individuality
the tradeoff construed when measuring opportunity cost
a synonym for a want

6

Tradeoffs are best defined as

the value that people receive when they choose one option over another
the cost of the next best alternative use of time, money or resources
choice made by consumers, when they give up one thing for another
the value of the next best alternative use of time money or resources

7

College is an example of Physical Capital

True
False

8

Jobs that produce services refer to the production of non-tangible economic products such as

a manufacturing company that produces watches.
the manufacturing of tangible goods.
the private ownership of the factors of production.
employment that performs work for other people (doctor, teacher, barber)

9

Scarcity is BOTH what....?

wanted and needed
Land and Labor
Toilet Paper and water
Limited and Desirable

10

What is an example of a GOOD?

Car Mechanic
Waiter
Desk
Hairdresser

11

What is an EXAMPLE of Human Capital?

Trade school
Computer
Car
money

12

What is an example of Financial CAPITAL?

Water bottle
Gold
computer
Money

13

What is a factor of Production?

Hammer
Gym
Land
water

14

Which one of these is a WANT

cheeseburger
A Louis Vutton belt
Wendy's
a Pet Shark

15

A Computer is an example of WHAT CAPITAL?

Physical capital
Natural
Labor
Human Capitol

Basics of Economics Review

Questions 15

Basics of Economics Review

Questions 15