What is Economics

Question 1

opportunity cost is most similar to

Accepted Answer

trade off

Question 2

Economic system based on the belief that wealth should be evenly distributed throughout society

Accepted Answer

socialism

Question 3

The fact that limited amounts of goods and services are available to meet unlimited wants

Accepted Answer

Scarcity

Question 4

Income distribution refers to

Accepted Answer

how a countries income is divided among groups of earners

Question 5

Someone who takes a risk and uses their own ideas and resources to start a business is called

Accepted Answer

entrepreneur

Question 6

Which of the following is an example of an incentive

Accepted Answer

all of the above

Question 7

the rationing device used in today's economies are based on

Accepted Answer

price

Question 8

The most desirable alternative somebody gives up as the result of a decision

Accepted Answer

opportunity cost

Question 9

The extra cost of adding one more unit of a resource

Accepted Answer

Marginal Cost

Question 10

How a society answers the three economic questions defines

Accepted Answer

it's economic system

Question 11

the study of small economic units, such as single business firms is called

Accepted Answer

microeconomics

Question 12

What factor of production is represented by workers performing tasks in a store

Accepted Answer

labor

Question 13

The act of giving up one benefit in order to gain another, greater benefit

Accepted Answer

Tradeoff

Question 14

Something essential for survival

Accepted Answer

Need

Question 15

in a free enterprise system, the three economic questions are answered by

Accepted Answer

the people

Question 16

The study of how people seek to satisfy their needs and wants by making choices

Accepted Answer

economics

Question 17

Methods and principles that a society uses to produce and distribute goods and services

Accepted Answer

economic systems

Question 18

What factor of production is represented by a store

Accepted Answer

physical capital

Question 19

The resources used to make all goods and services

Accepted Answer

factors of production

Question 20

What factor of production is represented by the physical property the store sits on

Accepted Answer

land

Question 21

The two economic systems are

Accepted Answer

free enterprise and socialism

Question 22

Work done for a company by persons other than its employees in another country

Accepted Answer

offshoring

Questions 22