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Unit 1: Essentials Flashcards | StudBud
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Unit 1: Essentials
Unit 1: Essentials
24 terms
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Flashcards
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Questions
24
Answers
1
The point at which the quantity demanded and the quantity supplied meet...
Cost
Market Price
Supply
Equilibrium Price
2
Which Factor of Production is gold?
Capital Resources
Natural Resources
Entrepreneurial Resources
Labor/Human Resources
3
A "want" is defined as...
Are things that you must have in order to survive
What is given up when one choice is made over another
The lack of resources
Are things that you do not have to have to survive, but would like to have
4
The price at which buyers and sellers agree to trade...
Cost
Equilibrium Price
Supply
Market Price
5
Which Factor of Production is Patrick Mahomes?
Natural Resources
Entrepreneurial Resources
Labor/Human Resources
Capital Resources
6
An economic system in which economic decisions are made in the marketplace...
Mixed
Market
Command
Socialism
7
How many steps are in the Decision Making Model?
4
2
12
6
8
Scarcity is...
What is given up when one choice is made over another
The lack of resources
Limited resources for satisfying unlimited wants and needs
Things you must have in order to survive
9
The amount or quantity of goods and services that consumers are willing to buy at various prices...
Supply
Cost
Demand
Market Price
10
Which Factor of Production is in the picture below?
Labor/Human Resources
Capital Resources
Entrepreneurial Resources
Natural Resources
11
Which Factor of Production is Lumber?
Capital Resources
Labor/Human Resources
Entrepreneurial Resources
Natural Resources
12
The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices...
Goods and Services
Opportunity Cost
Economics
Wants and Needs
13
Opportunity Cost is...
What is given up when one choice is made over another
The lack of resources
Limited resources for satisfying unlimited wants and needs PreviousNext
Things you must have in order to survive
14
Which Factor of Production is in the picture below?
Capital Resources
Natural Resources
Entrepreneurial Resources
Labor/Human Resources
15
Which of the following is one of three Basic Economic Questions?
Who should we trade with?
How is our production level increasing?
Where can we borrow money for production?
What should be produced?
16
The amount of goods and services that producers will provide at various prices...
Market Price
Demand
Cost
Supply
17
A "need" is defined as...
Are things that you do not have to have to survive, but would like to have
What is given up when one choice is made over another
The lack of resources
Are things that you must have in order to survive
18
What is an economic utility?
Natural Resources
A need or want
The ability of a good or service to satisfy one or more needs or wants
Supply
19
Which Factor of Production is in the picture below?
Capital Resources
Natural Resources
Labor/Human Resources
Entrepreneurial Resources
20
Economic resources necessary to produce a society’s goods and services...
Four Factors of Production
Basic Economic Questions
Economics
Economic Systems
21
Which Factor of Production is the idea for a new business?
Entrepreneurial Resources
Labor/Human Resources
Capital Resources
Natural Resources
22
What are the 3 main types of Economic Systems?
Market, Control, Socialism
Command, Modern, Market
Control, Mixed, Market
Market, Command, Mixed
23
Which Factor of Production is in the picture below?
Natural Resources
Entrepreneurial Resources
Capital Resources
Labor/Human Resources
24
Is there a relationship between price, demand, and supply of a product?
Yes
No
