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Economics Quiz Unit 1 Flashcards | StudBud
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Economics Quiz Unit 1
Economics Quiz Unit 1
10 terms
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StudBud Administration
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Economic Decision making and Systems.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Ocean waves can be used to generate energy. Ocean waves are considered which type of resource?
nonrenewable
capital
renewable
perpetual
2
The three Factors of Labor are Land, Labor and ___________________.
Freedom
Stability
Capital
Resources
3
Which of these is most closely related to tradeoffs?
Incentives
Margin
Markets
Scarcity
4
The three fundamental economic questions are what to produce, ______________ and for whom.
when
how
why
where
5
Why are tradeoff necessary?
People want different things
Every product has flaws
Advertisers promote products
Resources are limited
6
The value of your next best option that you didn't choose is called:
incentives
trade
comparative advantage
opportunity cost
7
Something that encourages people to act a certain way is called a(n)
incentive
market
standard of living
contract
8
Someone who is an innovator, strategist, and risk taker is considered a(n)
Capitalist
Laborer
Investor
Entreprenuer
9
Which of the following is not a market?
an online auction
a large appliance store
a neighborhood garage sale
a high school classroom
10
Microeconomics includes the study of
World trade
Individual markets
Unemployment in a country
All of the above
