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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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Questions
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Answers
1
Economics is based on
fantasy
guessing
science
social science
2
Trees cut down to be used to make railroad ties are considered to be what factor of production?
entrepreneurship
land
labor
capital
3
Opportunity Cost refers to
a bargain you made
the value of the next highest alternative not chosen
a missed opportunity
the amount of money you spent
4
Scarcity is the basis for studying economics.
False
True
5
Microeconomics is the study of the entire economy.
False
True
6
The production possibilities frontier teaches four concepts. They include
scarcity trade offs, opportunity costs,
scarcity, trade offs, opportunity costs, incentives
scarcity, trade offs, opportunity costs, benefits
scarcity, trade offs, opportunity costs, efficiency
7
The Four Factors of Production are...
Land, labor, patent, dealer
Land, labor, money, entrepreneurship
Land, labor, capital, politics
Land, labor, capital, entrepreneurship
8
A computer used to produced a magazine is what economic resource?
labor
land
capital
entrepreneurship
9
A graphical representation of all possible combinations of two goods that an economy can produce is a(n)
resource
want
rationing device
PPC ()Production Possibilites Curve)
10
A developer of a new smartphone is which factor of production?
capital
land
labor
entrepreneur
11
Which of the following is not considered a land resource?
OIl
Water
Plastic
Coal
