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ITB Ch 1-3 Flashcards | StudBud
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ITB Ch 1-3
ITB Ch 1-3
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Flashcards
30 cards
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Questions
30
Answers
1
The repeated rise and fall of economic activity over time
Contraction
Trough
Peak
Business Cycle
2
A noticeable drop in business activity
Expansion
Trough
Peak
Contraction
3
A prolonged rise in goods and services
Interest
GDP
Inflation
Incubator
4
A set of rules to distribute resources
Economic System
Economics
Factor of Production
Resources
5
Tangible
Goods
Needs
Wants
Services
6
A natural talent.
Objective
Goal
Aptitude
Ability
7
Tractor
Land
Entrepreneurship
Labor
Capital
8
Intangible
Needs
Wants
Services
Goods
9
Things that are important to you
Influences
Values
Goals
Objectives
10
A period of severe economic decline
Depression
Recovery
Peak
Recession
11
A period of economic growth or expansion
Recession
Recovery
Peak
Depression
12
_______ has to do with taxes and spending
Life Policy
Buckle Policy
Monetary Policy
Fiscal Policy
13
The dollar value of all final goods and services produced in a nation
GSD
GDP
OCD
WTH
14
Things we must have to survive
Wants
Goods
Services
Needs
15
Highest level of economic activity
Contraction
Peak
Expansion
Trough
16
Physical or mental activity you perform well.
Goal
Want
Ability
Aptitude
17
A new product idea
Land
Labor
Entrepreneurship
Capital
18
A very severe recession that lasts for several years
Depression
Recovery
Peak
Recession
19
Things we wish we could have
Goods
Needs
Services
Wants
20
What you give up when you make a choice
Wants
Needs
Decision
Opportunity Cost
21
The lowest level of business activity
Contraction
Expansion
Peak
Trough
22
Having unlimited wants and limited resources is referred to as
Resource
Land
Capital
Scarcity
23
Natural resources that can only be used one time are non-renewable
False
True
24
Teacher
Labor
Capital
Entrepreneurship
Land
25
Anything people can use to make or obtain what they want
Need
Want
Resource
26
The activities of a group involved in producing and distributing goods and services.
Goals
Values
Business
Wants
27
A high unemployment rate is desireable
True
False
28
A fish in the ocean
Capital
Land
Labor
Entrepreneurship
29
A rise in business activity
Expansion
Trough
Peak
Contraction
30
Economic resources used to produce goods and services
Economic System
Factors of Production
Resources
Economics
