Basic Economics Flashcards

1

What is the fundamental economic problem?

2

Which two factors of production refer to natural resources and human resources?

3

What is the next best alternative use of a resource?

4

What model helps us to understand opportunity cost?

5

What factor of production are human-made goods?

6

To have a RIGHTWARD shift in the Production Possibilities curve you would need all of the following EXCEPT?

7

Economics is the study of?

8

What is land, labor, capital and entrepreneurship paid in?

9

Scarcity exists because people have unlimited wants with unlimited resources.

10

A point ON, INSIDE and OUTSIDE the Production Possibilites curve are?

Basic Economics