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Economics Flashcards | StudBud
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Economics
Economics
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Assessment Review
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Answers
1
Economics is the study of the production, distribution, and consumption of goods and services.
False
True
2
Banks have very little to do with economic growth.
False
True
3
A consumer's desire or willingness to pay a price for a good or service is called ________.
opportunity cost
barter
the demand
the supply
4
Which vocabulary word means you are giving something up every time you get something?
opportunity cost
tertiary cost
transitional cost
lost opportunity
5
Which one of the following is NOT one of the four factors of production?
land
capital
goods
labor
6
The secondary sector _________.
uses raw materials to manufacture products like cars
includes services such as banking and health care
includes mining, farming, fishing, and forestry
involves taking raw materials from the earth or water
7
Tourism would be in the ____________ sector.
tertiary
primary
secondary
fudiciary
8
Why is it good to have a diversified economy?
there are fewer jobs to choose from
only educated people are able to find jobs
it's not protected if there are difficult times in 1 sector
it's more protected if there are difficulties in 1 sector
9
What is a free enterprise, also called market economy?
Governments own small parts of the economy.
The government owns most parts of the economy.
Private owned business creating goods people buy in markets.
People trade goods and services without money.
10
Which phrase best describes the term "economic activity"?
only services such as banking and health care
the production of goods and serivces
the type of government a country has
free enterprise economy
11
Agriculture is in the secondary sector.
False
True
12
Which of the following is NOT an example of human resources?
people, especially the personnel employed by a given company
various skills of people used to produce goods and services
labor
new machinery used to update a manufacturing plant
13
Countries with high GDPs are more developed countries.
True
False
14
Which factor of production does the U.S. lead other countries in?
capital
entrepreneurship
land
labor
