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Economics Recap 1 Flashcards | StudBud

Explore/Economics Recap 1

Economics Recap 1

6 terms·StudBud Administration·99 plays

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Questions 6

Answers

1
Retail is selling to the consumer
True
False
2
Labor is a paid effort
True
False
3
Entrepreneurs are important because
They create jobs
They use natural resources
They create wealth
They create capital
4
What is economics?
The study of money
The study of opportunity cost
The study of money and businesses
The study of how people seek to meet their needs and wants
5
Economics is concerned only with finance
True
False
6
What are the factors of production?
production, distribution, consumption
land, labor, capital, entrepreneurship
supply, demand, trade-offs
land, labor, capital