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Economics: Fundamentals Flashcards | StudBud
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Economics: Fundamentals
Economics: Fundamentals
13 terms
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A quiz testing students over fundamental terms and concepts from the first unit of Economics.
Flashcards
13 cards
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Questions
13
Answers
1
Unlimited needs and desires meeting limited resources is the definition of. . .
productive resources
opportunity cost
trade offs
scarcity
2
The relationship or mutual reliance and influence among people, businesses, industries etc.
productivity
interdependence
utility
efficiency
3
anything used to produce goods or services
resource
labor
service
entrepreneur
4
The study of how individuals, firms, and nations can best allocate their resources is called
government regulation
entrepreneurship
economics
scarcity calculation
5
The next best alternative given up when you make a decision is called. . .
scarcity
marginal benefit
trade off
opportunity cost
6
Point B on the following production possibilities graph is considered...
impossible to reach with given resources
an increase in production
maximum efficiency with given resources
underutilization
7
What does the word allocate mean?
to distribute
to profit
to collect
to negotiate
8
A factory's warehouse would be considered which of the following productive resources?
labor
land
capital
entrepreneurship
9
Attending school or a training program helps people invest in which of the following?
human capital
specialization
physical capital
entrepreneurship
10
A movement from curve 1 to curve 2 shows a/an__________ on this production possibilities curve
increase
decrease
11
Natural resources such as wheat, water, and iron ore would be considered which resource?
entrepreneurship
capital
land
labor
12
Which of the following motivates entrepreneurs to take risks and start new businesses?
government regulations
profit
private ownership
scarcity
13
If a factory owner uses some of her profits to purchase new machinery she is investing in
capital goods
producer price inputs
human capital
output returns
