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Economics Basics Flashcards | StudBud

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Economics Basics

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Test your knowledge on fundamental concepts of economics such as scarcity, resources, and production

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Questions 13

Answers

1
What is financial capital?
Human skills
Cash and investments
Tools and machines
Natural resources
2
What does capital include?
Tools and buildings
Natural resources
Only money
Human effort
3
What is a nonrenewable resource?
Water
Natural gas
Solar energy
Timber
4
What is the production equation?
Land + Labor + Capital
Capital + Land = Labor
Goods + Services = Scarcity
Labor + Money = Goods
5
What is a shortage?
Excess supply of goods
Unlimited demand for goods
Permanent lack of goods
Temporary lack of goods
6
What is a good?
An idea or concept
A physical object
A financial transaction
A service provided
7
Which factor affects labor quality?
Worker skills and education
Technology level
Natural resources
Population size
8
True or false: Scarcity is temporary.
False
True
9
Which is a renewable resource?
Natural gas
Wind energy
Gold
Coal
10
How can we increase human capital?
By saving money
By traveling more
By working less
By investing in education
11
True or false: Human capital is unimportant.
False
True
12
What is entrepreneurship?
Selling products online
Only starting a business
Managing finances only
Combining resources creatively
13
True or false: Scarcity affects everyone.
True
False