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Chapter 1 Quiz Flashcards | StudBud
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Chapter 1 Quiz
Chapter 1 Quiz
10 terms
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StudBud Administration
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Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The time and effort people contribute to the production process
Oil
Capital
Land
Labor
2
The willingness of people to organize, operate, and assume the risks involved with business ventures
Opportunity Cost
Scarcity
Economics
Entrepreneurship
3
Exists if we desire more of something than we have
Entrepreneurship
Economics
Opportunity Cost
Scarcity
4
The study of choice under conditions of scarcity
Economics
Scarcity
Opportunity Cost
Entrepreneurship
5
Activities produced in an economy
Goods
Wants
Needs
Service
6
Things we desire that are not essential
Goods
Needs
Service
Wants
7
The value of the next-best alternative
Entrepreneurship
Scarcity
Economics
Opportunity Cost
8
The skills and knowledge of workers
Human Capital
Labor
Physical Capital
Money Capital
9
Anything drawn from nature for use in the production of goods and services
Capital
Land
Oil
Labor
10
Any long-lasting good that is used to make other goods and services
Human Capital
Physical Capital
Money Capital
Labor
