stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics chapter I Flashcards | StudBud
Explore
/
Economics chapter I
What is scarcity?
True or False; Land is a natural limited resource.
Economics chapter I
25 terms
·
StudBud Administration
·
95 plays
Scarcity and Economics basics!
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
True or False; Land is a natural limited resource.
False
True
2
What is scarcity?
Unlimited resources
Needs
Wants
Limited resources
3
Which of these is
not
a market in which buyers and sellers can trade?
Super market
Flea market
Stock market
Farmers market
4
How is productivity measured?
Amount of labor used to produce
Amount of goods produced on average
Amount of goods produced within a period of time
5
Is labor tangible?
No
Yes
6
Free enterprise economy makes the
GDP increase
what, how and where decisions
What, how and for whom decisions
7
What is value?
worth expressed in services
worth expressed in dollars and cents
worth expressed in labor
8
True or False; Interdependence requires others to
not
be reliable to provide goods & services
False
True
9
What are needs and wants?
Needs are scarce, wants are demands
Needs are required for survival, wants are desired
Needs are labor, wants are capital
Needs are desired; wants are required for survival
10
What are various possible combos that can be produced when all resources are fully employed?
Production possibilities frontier
Opportunity cost
Labor possibilities frontier
11
What are factors of production?
the rate at which goods are produced
resources necessary to produce needs and wants
supply and demand
resources necessary to produce jobs
12
Utility is...
wealth accumulated in specialization
a good or services capacity to provide satisfaction
resources used in a market
13
What makes entrepreneurs so beneficial to society?
They are risk takers who help produce jobs, and capital
They make profit for themselves
They help the GDP
14
Economic growth depends on...
High productivity
Specialization
Scarcity
15
Which of these are
not
part of opportunity cost?
Sacrificing time and money
Receiving goods and services
Sacrificing resources
16
Gross Domestic Product (GDP) is...
The location in which products are made
Part of the stock market
How many goods or services are produced
17
Which of these accurately describes supply & demand?
Price goes up, demand goes up
Price goes down, demand goes up
Price goes down, demand goes down
18
Define economics
The study of how people satisfy wants with scarce resources
psychology
The study of money management
The study of production and services
19
True or False; Production is creating goods & services
True
False
20
What are the four factors of production?
Capital, land, production, and entrepreneurs
Labor, Capital, Entrepreneurs, and Land
Labor, capital, land, and markets
21
Is the standard of living the same for everywhere in the world?
No
Yes
22
What is specialization?
How special a product is
Doing something over and over to become better at it
23
Services are...
Intangible
Tangible
24
Does wealth include services?
Yes
No
25
True or False; Trade off includes alternative choices in an economic decision
False
True
