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Unit 1a Fundamentals of Economics Flashcards | StudBud
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Unit 1a Fundamentals of Economics
Unit 1a Fundamentals of Economics
30 terms
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StudBud Administration
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#economics #fundamentals #12th grade
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is something that adds comfort and pleasure to your life?
need
service
want
Good
2
What is the opportunity cost of buying a new car?
The price you paid for the car.
The difference between what the car costs now & similar car costs later.
The value of other G&S you could have bought with the $ you spent on car.
The cost of operating & maintaining the car.
3
Rosa started a pet-walking business. She took a risk for the business. What is the F of P?
labor
Entrepreneur
land
Capital
4
The extra cost that comes from consuming one additional unit of a good or service.
marginal cost
opportunity cost
marginal benefit
scarcity
5
Additional benefit gained by an additional unit of cost.
input
marginal cost
output
marginal benefit
6
Type of specialization in which different workers do different part of the same job.
Productivity
Division of Labor
Opportunity Cost
Factors of production
7
products that are produced
inputs
outputs
capital goods
human capital
8
What does it mean if you have an unattainable point on the production possibility curve?
Resources are not available
Resources are abundance
Resources are being used but are not used properly
Resources are unable to be used
9
What always needs to be considered when making a rational decision.
input/output
voluntary exchange/specialization
supply/demand
marginal benefit/marginal cost
10
What is the relationship between specialization and voluntary exchange
Voluntary exchange causes specialization
Specialization leads to a need for voluntary exchange
Voluntary exchange takes away the need for specialization
Specialization occurs because of voluntary exchange
11
Choices often have to be made because of resources are limited and needs are unlimited, why?
surplus
scarcity
budgeting
borrowing
12
What are gifts of nature that make production possible?
specialization
human capital
input
natural resouces
13
Which below is a job that pay someone else to do for you like mowing the lawn?
good
need
service
want
14
Goods & services a country can provide most efficient that is in demand on the world market
Specialization
Capital investments
Opportunity costs
Trade-off
15
Which of the following is a GOOD?
a job that you pay someone else to do for you
is necessary to live
is a tangle item you can touch or see
adds comfort & pleasure to your life
16
What is the degree to which resources are being used efficiently to produce goods ad services called?
productivity
consumption
specialization
division of labor
17
What is necessary to live?
Good
Service
Want
Need
18
What is Economics?
The study of human anatomy
The study of money, labor and resources to build profits
The study of how people can best allocate their resources.
The study of human behavior habits
19
Which of the following is a negative incentive?
Bonus at work
Getting a trip for being the best salesman
Losing your phone due to make a bad test grade
Prize in a box of cereal
20
Which factor of production include any form of human effort exerted in production?
entrepreneurship
land
labor
capital
21
Trees and the real estate on which a company builds are examples of which factor of production?
Land
Entrepreneur
Labor
Capital
22
If a point on the production possibility curve is ineffective it means
factors of production is not used properly
factors of production is scarce
the factors of production is abundant
there is a lack of factors of production
23
How can an assembly line speed up productivity in a factory? it allows the workers to
put in overtime hours
focus on a specific task
diversify their skills
use a wide range of knowledge
24
Resources used in production of goods and services
scarcity
input
output
productivity
25
natural resources, human capital and physical capital are all apart of
land and labor
factors of production
productivity
opportunity cost
26
Natural resources, human capital, physical capital and entrepreneurship are all apart of
factors of production
trade-off
opportunity cost
land and labor
27
What factor of production is a TRACTOR
Land
Labor
Entrepreneurship
Capital
28
Creates opportunity costs. Whenever you make it, the thing that you do not choose is your OC.
output
trade-off
input
Marginal cost
29
The act of setting up a business & taking on financial risks in the hope of profit.
Profit Sharing
Lender
Entrepreneur
Capital
30
When 2 people engage in trade, both sides benefit if the trade meets what 2 requirements?
supply and demand
free and international
land and labor
voluntary and non-fraudulent
