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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
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Introduction to #Economics unit review.
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Branch of economics that examines the behavior of the whole economy at once
Macroeconomics
Productivity
Microeconomics
Economic Growth
2
Which is not one of the three basic questions of economics?
What to produce?
When to produce?
For whom to produce?
How to produce?
3
As an economic term, land includes:
Machinery
Work people do
Consumer Goods
Natural Resources
4
Worth that can be expressed in dollars and cents
Value
Human Capital
Wealth
Utility
5
Sum of the skills, abilities, health, and motivation of people.
Value
Wealth
Utility
Human Capital
6
Which of these is not a factor of production?
Labor
Enthusiasm
Land
Capital
7
The person who organizes the factors of production
Labor
Entrepreneur
Capital
Land
8
Something gained by making a choice is
Benefit
Labor
Net Loss
Cost
9
Measure of how much stuff produced w/ a given amount of resources in a specific period of time
Macroeconomics
Microeconomics
Economic Growth
Productivity
10
On a PPC, points ABOVE the curve are
Efficient
Inefficient
Moderately efficient
Unattainable/Impossible
11
Balancing finite resources with unlimited desires is...
Shortages
Scarcity
Lack of Choise
Overabundance of Resources
12
In a school, which of the following would be considered an example of Labor?
Faculty & Staff
The building
Buses
Desks
13
Is there such a thing as a free lunch?
Yes
Probably
Possibly
No
14
A example of division of labor is
Home craft businesses
Assembly line production
Classroom education
Entrepreurship
15
What is used to illustrate the concept of opportunity cost?
The Invisible Hand
Circular Flow of Economic Activity
Factors of Production
Production Possibilities Curve
16
What is the fundamental problem problem of economics?
Value
Scarcity
Capital
Supply
17
Value of the next best alternative that has to be given up for the action that is chosen is the
Trade-Off
Opportunity Benefit
Opportunity Cost
Productivity
18
The accumulation of those economic products that are tangible, scarce, useful, and transferable
Human Capital
Value
Utility
Wealth
19
An economy moving forward due to individuals acting in their own self-interests
Semivisible Finger
Translucent Glove
Invisible Hand
Tangible Appendage
20
An item required for survival
Needs
Wants
21
Examines the choices of individuals concerning one product, one firm, or one industry.
Productivity
Macroeconomics
Economic Growth
Microeconomics
22
A person who uses a good or service
Retailer
Entrepreneur
Disaster
Consumer
