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Economics - Chapters 1-2 Flashcards | StudBud
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Economics - Chapters 1-2
Economics - Chapters 1-2
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Questions
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Answers
1
An imaginary unit of satisfaction
opportunity cost
util
scarcity
factor of production
2
What biblical concept refers to a person's responsibility to make proper choices with his resources?
public good
stewardship
utility
contentment
3
What are the two BASIC elements of circular flow model?
business firms and stock markets
banks and households
stock markets and banks
households and business firms
4
Points A, B, and C on the PPF curve above are referred to as
efficient
unattainable
inefficient
5
Which two basic economic principles create the need for choices?
utility and opportunity
subjective value and utility
unlimted wants and limited resources
scarcity and contentment
6
What is the most important factor of production?
capital
interest
entrepreneurship
proft
7
The science of how and why people, businesses, and governments make their choice is defined as
psychology
economics
production possibilities
opportunity cost
8
The tools used to produce goods and services are called
real capital
factor costs
cosumption expenditures
factors of produciton
9
Point X on the PPF curve above is refrred to as
unattainable
inefficient
efficient
10
From whom do businesses ultimately receive the factors of production?
banks
the government
households
stockholders
11
The value of the next best alternative that is given up is called
life
opportunity cost
opportunity benefit
diminishing marginal utility
12
The resources needed to create goods/ services
scarcity
opportunity cost
factors of production
utils
13
Point Y on the PPF Curve above is referred to as
efficient
inefficient
unattainable
