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Economics Chapter 1 Review Flashcards | StudBud
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Economics Chapter 1 Review
Economics Chapter 1 Review
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Economics Chapter 1
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
In a move from "C" to "B" the opportunity cost is
3000 Trucks
3000 Boats
2000 Boats
2000 Trucks
2
If production improves overall the graph will
Contract Inward along both axis
Expand Outward along both axis
Turn into a circle
Stay the Same
3
How is the wealth of a nation defined?
All it's tangible items
The individual financial prosperity of it's citizens
The whole value of it's money and gold
All the goods and services produced
4
Bonus: This is Mr. Stewart's favorite animal
Otter
Puppy
Lion
Sea Lion
5
What is not a factor of production
Capital
Land
Labor
Free Market
6
On the graph the most efficient place is
A
E
10000 Trucks
The Curve
7
Economics may be described as a Social Science concerned with how people
interact in the stock market
deal with scarcity
spend their money
overcome adversity
8
The sum of people's knowledge, skills, abilities, health, motivations, and ideas
Human Capital
Goods
Production Possibilities Curve
Labor
9
Water is
Factor of Production
Want
One of the W's in WWE
Need
10
An example of a durable good is
Food
Car
Calander
Toothbrush
11
Scarcity is a way of describing
Limited Wants vs Limited Resources
Limited Wants vs Unlimited Resources
Unlimited Wants vs Limited Resources
Unlimited Wants vs Unlimited Resources
12
The phenomenon which describes that the market will tend toward equilibrium when left alone
Invisible Hand
Factors of Production
Division of Labor
Value and Scarcity
13
Bonus: Beat the Rock and Stone Cold in the same night to become the first WWE Unified Champion
Undertaker
Dean Malinko
Mankind
Chris Jericho
14
Air Conditioning is a
Want
Fantastic Invention
Need
Necessity
15
Forecasting the way the Economy will work in the near future
Description
Analysis
Prediction
Explanation
16
Opportunity Cost is
A scholarship
The cost of pursuing an opportunity
The cost of the next best choice
An alternative choice
17
In a free market economy ___ and ___ make most of the decisions regarding scarcity
Consumers and Stock Holders
Consumers and Government
Private Business Owners
Consumers and Private Business Owners
18
In the graph: "E" is the point which shows
The maximum that can be made using existing resources
Inefficient
Straining Resources to Breaking
Efficient
19
A way of organizing work so that each worker completes a separate task
Invisible Hand
Division of Labor
Service
Specialization
20
Labor includes
Natural Resources
Entrepreneurs
People
Machinery
21
In economic terms what is value?
The worth of a good in terms of money
The worth of a good in terms of snakes
The worth of a good in terms of production cost
The worth of a good in terms of trade
22
Capacity to be useful and provide satisfaction
Value
Free Market
Good
Utility
23
What have to be produced in order to function as a factor of production
Capital Goods
Factor Markets
Consumer Goods
Product Markets
24
Non-tangible work provided for someone
Service
Market
Product
Good
25
The idea of division of labor was created by
Adam Baldwin
Stanley Smith
Adam Smith
Adam Sandler
26
If producing boats is made more efficient the graph will
Shift outward along the X axis
Shift inward alone the X axis
Shift outward along the Y axis
Shift outward along both axises
27
Analysis is
Stating how the economy is functioning in the moment
Telling others how and why the economy is functioning
Understanding why the economy is functioning the way it is
Forecasting the way the Economy will work in the near future
28
Land includes
Agriculture
People
Natural Resources
Livestock
29
People who take risks for profit by bringing new ideas, goods, ideas, and services to market
Labor
Entrepreneurs
Investors
Inventors
30
Comparing the cost of an action to the benefits recieved
Free Enterprise Economy
Opportunity Cost
Cost-Benefit Analysis
Utility
