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Wants&Needs Flashcards | StudBud
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Wants&Needs
Wants&Needs
13 terms
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StudBud Administration
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Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
1. The study of choice under conditions of scarcity is known as
Economics
Needs
Tradeoff
Capital
2
The study of the behavior of individuals and firms making decisions with limited resources.
Economics
Microeconomics
Opportunity Cost
Macroeconomics
3
What is something for survival?
Want
Efficient
Scarcity
Need
4
What situation is created due to a lack of resources?
Shortage
Scarcity
Surplus
Depression
5
1. Who wrote an
Inquiry into the Nature and Causes of the Wealth of Nations
in 1776?
John Doe
Karl Marx
John Smith
Adam Smith
6
The study of how society deals with unlimited wants with limited resources
Microeconomics
NEEDS
Macroeconomics
Economics
7
Any point inside the curve is considered to be
All the above
underutilized
efficient
unobtainable
8
The graph demonstrates the law of
None of the above
Increasing opportunity cost
decreasing opportunity cost
constant opportunity cost
9
Any point on the line of a production possibility frontier is ....
None of the above
underutilized.
not possible.
efficient
10
What is limitless?
Wants
Happiness
Needs
Natural Resources
11
Which is NOT a factor of production?
Competition
Labor
Entrepreneurship
Land
12
1. What is a location that allows buyers and sellers to interact with one another?
Mall
Labor
Factor
Market
13
Which of the following is an example of capital?
Grassy field
bars of gold
An experienced mason
John Deere mower
