The biggest difference between WANTS and NEEDS is...

Needs are vital for survival and wants are not

What is the main point of Capital?

To help entrepreneurs earn profit

Labor is best described as...

Work done by a person to earn wages/salary

What makes someone a good example of an entrepreneur?

The person risks time, energy & resources for profit

Using the Circular Flow of Economic Activity model example the primary goal of households is?

Buying products for consumption

The biggest difference between renewable and non-renewable resources is...

One can be replaced easily and the other cannot

Diminishing Marginal Utility is best describes as...

Less value of a product due to overuse

Immediate gratification is best described as....

When people satisfy their wants NOW

Economics is best described as...

Study of money and things of value

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Economics Part 1

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Questions 15

Answers

1
The biggest difference between WANTS and NEEDS is...
Needs are vital for survival and wants are not
Wants are often less expensive
Cell phones are very important because of Snapchat
Wants are more important than needs
2
What is the main point of Capital?
Items companies do NOT need to earn profits
The most city in a state
To help entrepreneurs earn profit
The first letter of the first word in a sentence
3
A technique used to determine the best options for labor, time and cost savings in economics.
Cost-benefit analysis
Marginal benefit
Deficit
Incentive
4
Labor is best described as...
Work done by a person to earn wages/salary
Taxes paid by a customer
Pains a pregnant woman feels before giving birth
Time spent planning ideas for a company
5
What makes someone a good example of an entrepreneur?
He/she is not willing to take financial risks
The person owns his/her business
The person tries to lose money on investments
The person risks time, energy & resources for profit
6
Using the Circular Flow of Economic Activity model example the primary goal of households is?
Buying products for consumption
Wasting resources instead of conserving them
Making products for profit
Collecting taxes for the government
7
The biggest difference between renewable and non-renewable resources is...
Recycling is used
One can be replaced easily and the other cannot
Renewable batteries are cheap
The environment is protected
8
Diminishing Marginal Utility is best describes as...
Higher prices=less products
More products more satisfaction
Cheaper goods more usefulness
Less value of a product due to overuse
9
To gain something you want you must give something in return most closely matches with...
Diminishing Marginal Utility
Marginal benefit
Cost
Incentive
10
The measure of how "good" or financially successful a business/entrepreneur is referred to as..
Deficit
Waste
Productivity
Resources
11
Land/location, Labor, Capital, and Entrepreneurship in economics are referred to as the...
Factors not necessary for economic success
Four factors of porduction
The root of all evil
The four deadly sins
12
Businesses that offer BOGO [buy one get one] are offering you a WHAT to come to their store?
Cost
Resources
Incentive
More stuff
13
Immediate gratification is best described as....
People delaying their wants in favor of their needs
People making wise financial choices
When people satisfy their wants NOW
People being responsible financially
14
The consequence of a decision that creates a lost chance to benefit from something else is...
Trade off
Opportunity cost
Marginal benefit
Incentive
15
Economics is best described as...
Study of bills and taxes
Study of money and things of value
The study of laws
The study of the government

Economics Part 1 Flashcards | StudBud