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Very Basics of Economics Flashcards | StudBud
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Very Basics of Economics
Very Basics of Economics
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1
What are the three economic questions?
What to produce, for whom to produce, how to produce it?
What to produce, who will produce, how to distribute profit?
What to produce, who will produce, how to produce it?
What resources to use, for whom to produce, how to produce?
2
Roger has a forklift. In Economics, the forklift is actually which of the following?
Human capital
Labor
Physical capitol
Physical capital
3
The Internet
Land
Labor
Capital
Entrepreneurialism
4
Deciding which tools to use
Where to produce
What to produce
How to produce
For whom to produce
5
Why is it impossible to meet the needs of everyone, at 100% efficiency?
Land is scarce.
Labor is scarce.
All Factors of Production are scarce.
Capital is scarce.
6
Deciding between making cars or trucks
For whom to produce
What to produce
How to produce
Where to produce
7
What is opportunity cost?
The opportunity to go shopping.
The best choice you gave up when you make a choice.
What you pay for with a credit card.
The cost of a good or service.
8
Define Scarcity
A social science dealing with people's needs and wants.
Needs and wants outweigh the amount of resources available.
A fundamental problem in society.
A limited amount of resources compared to prices.
9
Your teacher
Entrepreneurialism
Capital
Skilled Labor
Unskilled Labor
10
Railroads
Land
Labor
Entrepreneurialism
Capital
11
Trade-off
When you give up something to have something else.
Bargaining
Giving someone 2 potato chips for 2 flamin' hot Cheetos
Not going to the movies so you can afford dinner.
12
A schoolbus
Entrepreneurialism
Labor
Land
Capital
13
What is profit motive?
The idea people are allowed to buy and sell what they want
Principle that everyone has the same legal right
How much a company makes after subtracting the capital
Incentive that drives people to improve material well being
14
In Economics, what elements are required to produce
every
Economic good?
Land
Land, Labor, Capital
Land, Labor
Land, Labor, Capital, Entrepreneurship
15
What is an example of physical capital?
Cars
Auto mechanics
Computers
Study of engineering
16
What are the four factors of production?
Land, Liberty, Capital Entertainment
Water, Air, Earth, Fire
Land, Labor, Capital, Entertainment
Land, Labor, capital, Entrepreneurship
17
What are the three economic questions?
What to produce, who will produce, how to produce it?
What to produce, for whom to produce, how to produce it?
What to produce, who will produce, how to distribute profit?
What resources to use, for whom to produce, how to produce?
18
Bill Gates, Founder of Microsoft Computers
Entrepreneurs
Land
Capital
Labor
19
Gold ore
Land
Labor
Entrepreneurialism
Capital
20
Dresses vs. Pants
What to produce
Where to produce
How to produce
For whom to produce
21
Oil wells
Land
Labor
Capital
Entrepreneurialism
22
Which method gives resources to the people that wait the longest?
markets
first come first serve
government
rule of force
23
Which method results in the most efficient distribution of resources?
rule of force
markets
first come first serve
government
24
Marketing towards teenagers
How to produce
What to produce
For whom to produce
Where to produce
25
Uncut timber
Capital
Labor
Entrepreneurialism
Land
26
Doctors
Capital
Land
Entrepreneurialism
Labor
27
Cashiers
Capital
Labor
Land
Entrepreneurialism
28
Which method best gives resources to people who needs it the most?
rule of force
government
first come first serve
markets
29
The education that a doctor has received is called which of the following?
Entrepreneurialism
Physical Capital
Labor
Human Capital
30
Which of the following would NOT be considered a form of economic capital?
A rock
Trained workers
A truck
A hammer
