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Understanding Economics CH 1 Flashcards | StudBud
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Understanding Economics CH 1
Understanding Economics CH 1
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Basic questions for a Florida required course for HS seniors
Flashcards
24 cards
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Questions
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Answers
1
An example of a consumer good
cake
1 yard of velvet
2 x 4 board
whole wheat flour
2
A measure of a country's output and economic health.
Production Possibility Curve
Wealth
Standard of Living
Gross Domestic product
3
Scarce, has utility and is transferable
life
stocks and bonds
wealth
resources
4
The paradox of value says an item that is scarce and has utility will have greater value.
True
False
5
A division of labor is used because
it prevents specialization
it is best for hiring purposes
it allows everyone to become good at everything
It allows people to become good at specific tasks
6
Drive U.S. decisions about what to produce
financial interests
businesses
government
consumers
7
movement that promoted the rights of buyers
Consumerism
Economic Interdependence
Better Business Bureau
Consumer Affairs
8
Factor Market
Used by individuals seeking to trade labor
Used by business seeking resources
Used by businesses to sell product
Used by individuals to purchase goods
9
nondurable consumable good
plastic bottle
paper
nail
hamburger
10
The Factors of Production include:
Land, Labor, Capital, Entrepreneurship
Land, Work, Capital, Output
Land, Labor, Capital and Output
Resources, Effort, Capital and Entrepreneurship
11
Factors of Production: Ohio's cold winters and warm summers are an example of...
labor
capital
land
entrepreneurship
12
Wealth must be
tangible
untangible
shared
transferable
13
The study of economics includes
how people deal with scarcity
how incomes are earned and how jobs are created
how things are made, bought, sold and used
14
Economic growth
takes place over time
can happen very quickly
is not desirable
is an increase in output
15
Evaluating costs and benefits of choices is called
trade-offs
priorities
the circular model
priorities
16
Comparative advantage promotes...
labor unions
specialization
interests of the businesses
economic interdependence
17
A capital good would NOT include a ...
hammer
sewing needle
computer
bath tissue
18
An office manager is an example of
land
capital
entrepreneurship
labor
19
Labor as a FOP does NOT include...
knowledge
skills
ability
effort
20
Opportunity costs refers to
the value of the next best alternative
labor costs when productions changes are made
the cost of unused resources
the value of a good or service
21
Standard of living
salary
quality of life
wealth
health
22
What question do all societies have to answer?
How do we produce, why, and with what
What do we produce, for who, and why
What do we produce, how, and for who
Why do we produce, What, and for who
23
The Production Possibility curve/frontier will contract (shift left) if ...
there is an increase in a needed resource
There is new immigration into the country
a new technology is introduced that enhances efficiency
there is a drought
24
Production Possibility Curve (frontier) can expand when...
a labor strike occurs
a new technology increases worker efficiency
a new source of additional labor is found
an abundant new resource is found
