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Economic Basics Flashcards | StudBud
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Economic Basics
Economic Basics
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Basics of Economics
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What are the factors of production?
land, labor, capital
land, people, money
buildings, labor, capital
none
2
What type of economic system does the United States have?
Mixed economy
American Free Enterprise
Traditional
Socialist
3
When the Stock Market is up, it is known as a:
Tiger Market
Bull Market
Bear Market
Beast Market
4
Scarcity is when:
same as a shortage
All of the Above
there's a shortage
always exist
5
A person who starts a business and is successful is known as:
business leader
a manager
CEO
an entrepreneur
6
physical objects such as baseballs or iPhones are:
labor
services
economics
goods
7
This entrepreneur lost money in the first 5-6 years of his company.
Jeff Bezos
Elon Musk
Bill Gates
Steve Jobs
8
A worker's education counts as what part of the factors of production?
Human Capital
Land
Labor
Capital
9
Apple produces the iPhone here inthe U.S. because they can afford paying $35 an hour.
True
False
10
Steve Jobs started this company:
Microsoft
Coca-Cola
Amazon
Apple
