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Economics Basics Flashcards | StudBud

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People must use ...... to produce good and services

Economics is the study of...

Economics Basics

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Econ

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Questions 9

Answers

1
Economics is the study of...
culture
forms of government
people's wants and needs
migration
2
People must use ...... to produce good and services
money, land, and labor
resources
3
the ability or willingness to produce a good or service (how much you have)
supply
opportunity cost
demand
producers
4
Services are...
cell phones
oil, coal
food
valuable actions (like medical care)
5
Which is NOT one of the basic economic questions?
What price should be set for goods and services?
What goods and services should be produced?
Who uses or consumes those goods and services?
How should goods and services be produced
6
Deciding what you are willing to give up to get something else, is known as....
opportunity cost
no fun
supply
demand
7
Labor is .....
money
machinery
natural resources
work by people
8
A good is....
skill
a teacher
physical products like food
helpful actions
9
The desire or want of a certain good or service
capital
demand
supply
opportunity cost