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Economics SSEF1 2025 Flashcards | StudBud
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Economics SSEF1 2025
Economics SSEF1 2025
16 terms
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StudBud Administration
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206 plays
Quiz over standards 1 and 2
Flashcards
16 cards
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Practice quiz
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Host live
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Questions
16
Answers
1
the tools used to create goods and services are
Labor
physical capital
Land
Human Capital
2
You bought a 2nd pair of shoes at a 50% discount. They are good shoes. You made a.........
an irrational decision
moved the curve the left
a rational decision
an allocation
3
Bob's scissors are made from stainless steel. This is a factor of ........
entrepreneurship
capital resources
Labor
land
4
This refers to how resources are limited but peoples needs and wants are not.
capital
allocate
unattainable
scarcity
5
Points A, B, and C are examples of points on a curve that are said to be.........
unattainable
Its as easy as 1, 2, 3.......
underutilization
full production
6
Bob opens up a barber shop. He is an example of.....
entrpreneurship
human capital
physical capital
labor
7
Bob has been cutting hair for 15 years. This is .....
human capital
labor
physical capital
Entrepreneurship
8
The average time it take Bob to cut a persons hair is 15 minutes. This is.....
human capital
entrepreneurship
land
labor
9
You bought a pair of shoes instead of pants. The pants are your .......
Opportunity cost
awesome
marginal decision
scarce
10
Bob's barbershop uses scissors, razors, and mirrors to help him give people haircuts. This is..
entrepreneurship
physical capital
allocation
human capital
11
In the diagram point E is said to be........
unattainable
efficient
underutilization
12
In the diagram, point D is said to be an example of...
unattainable
Skeletorization
underproduction
efficient
13
If you live in Alaska this coat is a............
want
need
14
If resources become more efficient the PPC curve will
move to the right
to the left, to the left
15
This building as shelter is a........
want
need
16
This refers to how resources are distributed through an economy
allocate
scarcity
scattering
entrepreneurship