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Basic Economic Concepts
Basic Economic Concepts
21 terms
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StudBud Administration
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223 plays
Building blocks for the rest of the semester.
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
"next best alternative" is associated with
scarcity
TINSTAAFL
conspicuous consumption
opportunity cost
2
The benefits and costs of a choice is shown by using a
decision-making grid
circle graph
statistical table
line graph
3
What does the saying "TINSTAAFL" mean?
most things cost something
most things cost nothing
some things cost nothing
everything costs something
4
Another name for Production Possibilities Curve
production possibilities perimeter
production possibilities frontier
production possibilities border
production possibilities edge
5
3 Basic Economic Questions
How Much, When, and For Whom
What, How and For Whom to produce
What, How, and When to produce
What, How Much, and Whether to produce
6
"the invisible hand" refers to
utility
human capital
the paradox of value
the forces of competition
7
The satisfaction received from using one more unit of a good or service is called
opportunity benefit
marginal cost
marginal benefit
opportunity cost
8
Which of the following best describes wants?
unlimited and never changing
limited and ever changing
unlimited and ever changing
limited and never changes
9
Which of the following examines the costs and expected benefits of a choice?
choice-profit analysis
cost-profit analysis
choice-benefit analysis
cost-benefit analysis
10
Capital includes
TINSTAAFL
technology
tools and equipment used in production
money businesses use to start factories
11
What does a point inside the curve of a PPC indicate?
not all resources are fully employed
less resources are required
all resources are fully employed
more resources are required
12
Deciding to go to a ballgame rather than do your homework is an example of what?
trade-off
production possibility
marginal cost
opportunity expense
13
"making decisions based on what you believe is the best combination of costs and benefits"
cutting back
economizing
budgeting
motivating
14
Which of the following buys goods for personal use?
advocate
producer
client
consumer
15
Which is not considered a need?
clothing
shelter
food
television
16
Using resources to produce the maximum amount of goods or services
underutilization
over efficiency
utilization
efficiency
17
The capacity to be useful is
utility
income
capital
wealth
18
Successful entrepreneurs require a willingness to
borrow money
play it safe
limit risks
take risks
19
What is the driving force of US economy?
land
capital
entrepreneurs
labor
20
An example of physical capital is
a college education
self-improvement courses
job training
a warehouse
21
Into what four categories do economist divide factors of production?
resources, labor, money, and entrepreneurship
land, labor, money, and entrepreneurship
land, labor, capital, and entrepreneurship
resources, labor, capital, and entrepreneurship
