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Econ Chapter 1 Flashcards | StudBud
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Econ Chapter 1
Econ Chapter 1
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Flashcards
30 cards
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Questions
30
Answers
1
Durable, Non Durable, Consumer, Capital are all examples of what?
Goods
Needs
Scarcity
Wants
2
The issue where the government cannot reasonably hope to produce everything for everyone
Wanting more than we already have
Not wanting anything more than we already have
Wanting less than we already have
None of the Above
3
There Is No Such Thing As A Free Lunch
TNSTAFFL
TINSTAFFL
TINSTAFL
None of the Above
4
Which of the following is a factor of production?
All of the Above
Land
Capital
Labor
5
A good that last 3 or more years when used regularly
Capital Good
Durable Good
None of the Above
6
For something to have more value, it must have ___________
Utility
Scarcity
Needs
Wants
7
Shoes and Clothing are what type of goods?
Durable
Consumer
Non Durable
Capital
8
A tool or good that is used to produce other products
Capital Good
Scarcity
None of the Above
Want
9
Light Bulbs are what type of good?
Non Durable
Capital
Consumer
Durable
10
What is an example of labor?
Tools/Equipment
Risk taking individuals
Trees
People with their abilities
11
What is an example of capital?
Trees
People with their ablities
Risk taking individuals
Tools/Epuipment
12
Machinery is what type of good?
Non Durable
Capital
Consumer
Durable
13
What is an example of Land?
Tools/Equipment
Risk taking individuals
People with their abilities
Trees
14
At its core, Economics is the study of what?
All of the Above
Groups
Individuals
Nations
15
The factors of production are
Land, Labor, Entrepreneur
Land, Labor, Capital, Entrepreneur
Labor, Entrepreneur, Scarcity, GDP
Land, Labor
16
The study of how individuals, groups, and nations manage and use resources
Economics
Paradox of value
None of the Above
Durable good
17
What is the basic economic problem?
Scarcity
The GDP
Wants
Needs
18
Items that satisfy human wants and provide utility
Want
Need
Scarcity
Good
19
Apparent contradiction between the high value of a nonessential item and the low value of an essential item
GDP
Service
TINSTAFFL
Paradox of Value
20
What's an example of an entrepreneur?
Risk taking individuals
Trees
Tools/Equipment
People with their abilities
21
Economics is the study of the all of the following EXCEPT
Individuals
Nations
Sports
Groups
22
Something that people desire to have, that they may, or may not, be able to obtain
Want
Need
Scarcity
None of the Above
23
Something needed to survive
Need
Scarcity
Good
Want
24
The state of being scarce or in short supply; shortage
Scarcity
Good
Want
Need
25
People always wanting more than they already have causes what to happen?
Scarcity
None of the Above
People needing things
People wanting things
26
This is not a fixed measurement, it changes from person to person
Service
Value
Want
Utility
27
Cost of the next best alternative use of money, time, resources, when on choice is made rather than another
Opportunity Cost
GDP
Paradox of Value
Scarcity
28
The monetary value of all final goods, services, and structures produced within a country’s borders in a 12 month period
Service
Paradox of Value
GDP
TINSTAFFL
29
Appliances are what type of good?
Capital
Consumer
Non Durable
Durable
30
What 3 questions do all societies face?
How to produce
What to produce
All of the above
For whom to produce
