Basics of Economics

A production possibilities curve represents the options a nations faces when considering what it can produce.

Which best describes a situation in which a business has to decide what to produce because its labor force is limited

Say that you have to choose between going to the movies or taking a nap. What is the opportunity cost of the nap?

Which of the following are characteristics of crytocurrency?

Fertile soil is an example of the factor of production called capital.

Standard of living refers to the quantity and quality of the goods and services available to oneself

Karl Marx was the founder of communism

Adam Smith was an advocate free market economics.

The value of what you give up when you make a choice is known as

Which of the following is an example of a service?

Which of the following are factors of production?

In a market economy, who or what drives what goods and services get produced?

This is an example of a production possibilities curve.

Jeff Bezos, the founder of Amazon, is an example of the factor of production called labor.

Economics is the study of the choices people make under conditions of scarcity.

Which terms describes a situation in which you give something to do something else.

What best describes the expression There is No Such Thing As A Free Lunch?

People use goods and services to satisfy needs and wants.

A factors market refers to a situation in which firms buy factors of production from house holds

The work being done by a lawyer is an example of a service

This is the fact that limited amounts of resources are available to meet unlimited wants and needs.

This refers to the skills and knowledge use by a person to produce a good or service.

This turkey sandwich is an example of an economic good.

An economic model is a simplification of reality.

What is the currency used in France?