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Economics Unit 1 RHS Flashcards | StudBud
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Economics Unit 1 RHS
Economics Unit 1 RHS
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Basics of Economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Relating to the human economic condition, which of the following is virtually limitless?
needs
goods
Money
Wants
2
One problem associated with public goods is
free riders
they cost more than private goods.
improving private sector efficiency
having too many public goods when taxes decline
3
The branch of economics which deals with individual or business firms
international economics
Macroeconomics
Microeconomics
supply-side economics
4
In a market economy the questions of what, how and for whom to produce are answered by
individuals primarily, producers secondarily
producers only
traditions and customs
a central planning agency
5
When we give up one thing to gain another, it is called?
production – possibilities frontier
marginal benefit
opportunity cost
marginal cost
6
A sewing machine would represent which factor of production?
Labor
Entrepreneurship
Capital
Land
7
In a command economy the questions of what, how, and for whom to produce are answered by
traditions and customs
individuals
a central planning agency
producers
8
When you hire an employee, the employee would represent which factor of production?
Land
Capital
Entrepreneurship
Labor
9
The incentive (s) to produce in a market economy is/are
quotas
profit
government forecasts
altruism
10
What is defined as the study of choice under conditions of scarcity?
Economics
Microeconomics
Macroeconomics
Wants
11
The basic economic problem is
unemployment
inflation
scarcity
poverty
12
The additional or extra expense of producing one more item is called
variable cost
opportunity cost
explicit cost
Marginal cost
13
The cotton fabric represents which factor of production?
Land
Labor
Entrepreneurship
Capital
14
Someone who combines all the resources, assuming risks in return for a chance to profit, is a
consumer
worker
employee
entrepreneur
15
Which is more correct to produce at?
point D
point F
they are equally correct
point B
