stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Chapter 1: Introduction to Economics Flashcards | StudBud
Explore
/
Chapter 1: Introduction to Economics
Chapter 1: Introduction to Economics
19 terms
·
StudBud Administration
·
432 plays
#ECONINTRO
Flashcards
19 cards
F
Practice quiz
P
Host live
L
Questions
19
Answers
1
Which of the following encourages a person to take action?
Incentive
Marginal
Interest
Disincentive
2
What are the physical and mental talents that people contribute to production?
Capital
Labor
Land
Entrepreneurship
3
Which of the following is a land resource?
A worker
Bill Gates
A forklift
Iron Ore
4
What are services?
Something that can be touched
The next best alternative
Something that motivates a person.
Tasks that you pay other people to perform for you.
5
What is opportunity cost?
The next best alternative that is given up
The price of an item
A rationing device
A trade-off
6
Which of the following is an example of an incentive?
Money
A promotion
All of the above
Grades
7
What are examples of land resources? (Check all that apply)
Iron Ore
Trucks
Trees
Bears
8
If your parents offer you cash for every "A" on your report card, that is an example of...
A trade-off
A bribe
An incentive
Marginal cost
9
Which of the following groups is faced with scarcity?
Society
Individuals
All of the above
Businesses
10
What is the condition where people's wants are greater than the resources available?
Rationing
Scarcity
Opportunity Cost
Entrepreneurship
11
Which of the following is scarce?
Cars
Resources
Clothing
All of the above
12
What is economics?
The study of theories
The study of money
The study of unlimited resources
The study of making choices
13
What is capital?
Money
New business opportunities
Resources found in nature
Machinery and tools
14
What do economists use to answer a question that does not have an obvious answer?
Theories
Opportunity Cost
Incentive
Labor Resources
15
Another word for marginal is
Modified
Additional
Summarized
Edge
16
What are goods?
The opposite of bads.
Quality of bringing dissatisfaction or unhappiness
Tasks that you pay other people to perform for you.
Anything that satisfies a person's wants/satisfaction
17
What is the special talent that some people have for finding new business opportunities?
Entrepreneurship
Incentive
Capital
Opportunity Cost
18
What does tangible mean?
Things that are tangled.
Things that are cold.
Things that can be felt or touched.
Things that can't be felt or touched.
19
What does scarcity make people do?
Make choices
Determine wants
Drive a car
Become scared
