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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
20 terms
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Econ
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20 cards
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Questions
20
Answers
1
What is the sum of the skills, abilities, health, and motivation of the people?
Human Capital
Gross Domestic Product
Capital Goods
Factors of Production
2
What arises when a society does not have enough resources to produce all desired goods?
Capital Goods
Consumer Goods
Scarcity
Want
3
What is the study of how people use limited resources to satisfy unlimited wants?
Value
Human Capital
Factors of Production
Economics
4
What is another name for the capacity of a product to be useful?
Utility
Economics
Services
Value
5
What are haircuts and appliance repairs an example of?
Market
Utility
Services
Scarcity
6
What is a item that lasts longer than three years?
Nondurable Good
Good
Bad
Durable Good
7
True or False: The U.S. economy does not have a remarkable degree of economic interdependence.
False
True
8
What refers to the "gifts of nature"?
Labor
Entrepreneurs
Capital
Land
9
What is a something we would like to have?
Markets
Need
Value
Want
10
Who was one of the first people to observe how markets worked in 1776?
Napoleon Bonaparte
Alexander Graham Bell
Alexander Hamilton
Adam Smith
11
What is a way of organizing labor so that each individual worker completes a part of the work?
Division of Labor
Economic Growth
Economic Interdepence
Specialization
12
What is a location that allows buyers and sellers to exchange specific products?
Product Markets
Paradox of Value
Market
Factor Markets
13
What of an item can be expressed in dollars and cents?
Utility
Services
Opportunity Cost
Value
14
What is the measure of the amount of good produced with a given amount of resources and time?
Human Capital
Productivity
Division of Labor
Economic Growth
15
Land, capital, labor, and entrepreneurs are all examples of what?
Human Capital
Factors of Production
Labor
Services
16
What are economic products designed for final use by people?
Human Capital
Consumer Goods
Services
Capital Goods
17
What is a simplified, equation, graph, or figure showing how something works?
Production Possibilities Frontier
Trade-off
A model system
Economic Model
18
What is a basic requirement for survival?
Want
Need
Utility
Value
19
What is the cost of the next-best alternative?
Value
Utility
Opportunity Cost
Trade-off
20
What are the three basic questions of Economics?
Why, When, and Who
What, How, and For Whom
How, Where, and Why
What, Who, and Where
