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Economics Chapter 1 Flashcards | StudBud
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Economics Chapter 1
Economics Chapter 1
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Flashcards
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Questions
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Answers
1
Scarcity exists when demand is greater than supply.
False
True
2
A company's office building is an example of
Entrepreneurship
Capital
Labor
Land
3
Why does scarcity exist?
factors of production are unavailable
government control of the market
limited resources, but unlimited wants
limited wants, but unlimited resources
4
Tangible items that people buy are known as
goods
services
capital
factors
5
Oil deposits are an example of
Labor
Capital
Entrepreneurship
Land
6
What factor of production do these images illustrate?
Land
Capital
Entrepreneurship
Labor
7
In the United States, which political party tends to support laissez-faire economic policy?
Democratic
Green
Independant
Republican
8
If you choose to buy music instead of a shirt, the shirt is the ________________.
land
next best alternative
scarcity
opportunity cost
9
Economics is primarily concerned with which of the following?
cost of goods
methods of production
use of resources
values and objectives of society
10
Economists build economic models to try to understand the way the economy works.
False
True
11
Who was the father of modern economics?
John Locke
Adam Smith
Karl Marx
Cam Newton
12
If everyone in the world were rich, scarcity would not exist.
false
true
13
What is the basic problem of economics?
pricing
scarcity
government policy
consumer behavior
14
What do people have to do when faced with unlimited wants and limited resources?
find the intersection of supply and demand
make choices
decrese one of the factors of production
increse one of the factors of production
15
What is opportunity cost?
productivity
a factor of production
production possibilities curve
the value of the next best alternative
16
What is a trade-off?
using resources wisely to increase productivity
sacrificing one of the four factors of production
an economic school of thought
sacrificing something to purchase or produce something else
17
What factor of production involves risk taking and developing new ideas?
Land
Capital
Entrepreneurship
Labor
18
Which of the following is
NOT
a factor of production.
services
Land
Entrepreneurship
Labor
