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SS Economics Review Flashcards | StudBud
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SS Economics Review
SS Economics Review
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Questions
10
Answers
1
What you give up when you make a choice
exporting
importing
opportunity cost
interdependence
2
Buying goods from another country is called importing.
True
False
3
Economics is the study of goods, services and money.
False
True
4
When you focus all your efforts on one thing is
interdependence
specialization
consuming
speculation
5
Output is how much of a
good you use
cost to producing a good
service you require
product you make
6
An object that people want is a service.
False
True
7
What are the four types of productive resources?
human, entrepreneurship, market and capital
workers, teachers, doctors and scientists
natural, human, capital and entrepreneurship
marketing, distributing, labor and costs
8
An action that people want is a service
False
True
9
How efficient something is
productivity
ingenuity
specialization
interdependence
10
A person who is willing to take a risk for a good or service is an
philanthropist
banker
entrepreneur
service worker