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Duplicate of Basics of Economics Flashcards | StudBud
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Duplicate of Basics of Economics
Duplicate of Basics of Economics
18 terms
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StudBud Administration
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95 plays
Unit 1
Flashcards
18 cards
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Practice quiz
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Host live
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Questions
18
Answers
1
According to the graph, how many oranges are produced if 120 apples are produced
200
80
160
2
2
Which of the following is a need?
clean drinking water
a large wardrobe of clothes
a vacation
several cars to drive
3
What is economics?
study of running a business
study of making money
study of behavior and mental process
study of making choices in a world with limited resources
4
What is this image representing?
a production possibilities frontier
a supply curve
a table
a demand curve
5
Which factor of production is gifts of nature not made by humans?
Entrepreneur
Capital
Land / Natural Resources
Labor
6
What is the fundamental economic problem?
Scarcity
Money
Loans
Starting a business
7
Which best describes people overthrowing the wealthy and setting up a state controlled economy?
Capitalism
Socialism
Communism
8
Which factor of production involves the money, tools, equipment, and factories used to produce?
Capital
Entrepreneur
Labor
Land / Natural Resources
9
Which is
NOT
one of the three economic questions?
How to produce?
For whom to produce?
How much stuff to produce?
What to produce?
10
Which type of economic system is used by most countries today?
Market
Mixed
Traditional
Command
11
What type of good is for immediate use or for a shorter span of time (less than a year)?
Non-durable Good
Durable Good
12
What type of product is produced for you to use in your home?
Consumer Good
Capital Good
13
What is TINSTAAFL?
There is no such thing as a free lunch
There is no talking at a ferocious llama
An overrated beach resort in Florida
the next best thing when you cannot choose two options
14
Which of the following is a want?
Clothing
A pet iguana
Food
Shelter
15
Sally is looking at buying a doll. There are four options. We would call these...
trade-offs
creepy
labor
scarcity
16
In Economics, what do we call something that you can use or consume?
A Good
A Service
17
Which economic system uses long-established ways of behaving and often people will barter?
Command
Mixed
Market
Traditional
18
Ozzie takes a ride in his car; he is not able to watch TV with the family. What is TV watching?
an opportunity cost
production
land
scarcity
