What are Capital Goods?

Man-Made Tools Used in Production

Define Opportunity Cost:

the cost of the next best alternative use of time and money

Supply refers to how many goods you have to sell

Insufficient resources, goods, or abilities

What is Specialization?

Focusing on One Particular Skill

Division of Labor Is:

Breaking a Large Task Into Smaller Parts

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Unit 6 Review

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Civics and Economics Quiz: Unit 7

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Questions 25

Answers

1
A shareholder's liability is restricted to the amount of the investment in the company
Current Liability
Non-Current Liability
Limited Liability
Warranty Liabilty
2
A store or business you pay to open and run just like the original:
Corporation
Partnership
Franchise
Proprietorship
3
Money companies use to buy resources & physical assets companies use to produce goods/services
Man-Made Goods
Human Resources
Natural Resources
Capital
4
What are Capital Goods?
Goods That Satisfy a Want or Need
Man-Made Tools Used in Production
Efficient Services
Man-Made Tools That are Produced
5
Finish the Definition: In the Law of Demand, As the Price of A Good Rises...
Quantity Demanded Equals Quantity Supplied
Quantity Supplied will rise
Demand Will Decrease
Demand Will Increase
6
What is an example of a Human Resource?
land
skills
products
7
Define Opportunity Cost:
how individuals make choices on ways to use scarce resources
A force drives organizations to improve material well being
the alternative, to do one thing rather than another
the cost of the next best alternative use of time and money
8
What are Factors of Production That are Things?
Land & Labor
Capital & Services
Resources & Labor
Land & Capital
9
What is Supply?
Supply refers to how much something costs
Supply refers to how much someone spends
Supply refers to how many goods you have to sell
Supply refers to how many goods you have to buy
10
If demand is high, how will supply be affected?
Supply will go up
Supply will go down
Supply will stay the same
11
What is Scarcity?
Insufficient resources, goods, or abilities
An abundant amount of something
The relationship between ends and means
12
A Tangible Item That Satisfies a Want or Need:
Good
Service
13
What are the 2 factors of production that are People?
Land & Capital
Entrepreneurship & Labor
Supply & Demand
Human & Natural Resources
14
The point where adding additional resources does not increase proportionally:
Law of Demand
Law of Diminishing Demand
Law of Diminishing Returns
Law of Supply and Demand
15
What is Specialization?
An Increase in Productivity
Division of Labor
Breaking a Large Task into Smaller Parts
Focusing on One Particular Skill
16
When Price Strongly Affects the Amount That Someone Wants is known as:
Law of Supply and Demand
Elastic Demand
Law of Demand
Inelastic Demand
17
What are the Basic Economics Questions?
How to Produce it?
For Whom and How Much?
What to Produce?
All of the above.
18
What is a Characteristic of a Partnership?
Difficult to fund
Limited Liability
Two or more owners
19
How efficiently something is produced:
Supply
Division of Labor
Production
Productivity
20
If you increase the price of your good, what will usually happen to demand?
Demand goes up
Demand stays the same
Demand goes down
21
The Study of Scarcity and Trade-Off is:
Economics
Macroeconomics
Microeconomics
22
Division of Labor Is:
Adding Additional Resources
Focusing on A Particular Skill
Producing Additional Goods
Breaking a Large Task Into Smaller Parts
23
What are Wants? Choose the Best answer :)
Services You Buy
What we Would Like to Have
What You Must Have to Live
Tangible Items You Buy
24
When the market creates a sole provider for a good or service:
Premonopoly
Union
Oligopoly
Monopoly
25
Actions or Skills We Buy from Others
Needs
Goods
Wants
Services

Unit 6 Review Flashcards | StudBud