Entrepreneurs do which one of the following

start new businesses and take risks for profit

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Economics Chapter 1 Vocabulary

15 termsStudBud Administration119 plays

This activity is a review of the vocabulary terms that will appear on the Chapter 1 Economics Test

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
The ability to develop new products and start new businesses in order to make profits
Scarcity
Consumer behavior
Entrepreneurship
Productivity
2
Any use of land, labor, and capital that produces goods and services more efficiently
Opportunity cost
Production possibilities curve
Technology
Capital
3
The basic problem of economics is
Pricing
Government policies
Scarcity
Consumer behavior
4
A theory that helps explain and predict economic behavior in the real world
Microeconomics
Hypothesis
Capital
Labor
5
Sacrificing one good or service to purchase or produce another
Trade-off
Microeconomics
Capital
Macroeconomics
6
Entrepreneurs do which one of the following
manage other people
start new businesses and take risks for profit
borrow capital and expand an existing business to lose money
adapt technology efficiently
7
Economics is primarily concerned with which of the following
values and objectives of society
use of resources
methods of production
future costs of goods
8
Economic theory that deals with the economy as a whole
Supply-side economics
Macroeconomics
Hypothesis
Microeconomics
9
The production and distribution of goods and services in a society
Economic model
Opportunity ccost
Economy
Trade-off
10
A car use by a messenger service is a type of
labor
capital
trade-off
opportunity cost
11
An assumption involving two or more variables that must be tested for validity
Shortage
Concept
Scarcity
Hypothesis
12
A graph showing the maximum combination of goods and services that can be produced
Factors of production
Technology
Hypothesis
Production Possibilities Curve
13
Which answer best describes a shortage
Shortages are only temporary
Shortages are never temporary
Shortages are the same as scarcity
Shortages turn in to scarcity
14
Manufactured goods used to make other goods and services
Technology
Capital
Trade-off
Economy
15
Land, labor, capital, and entrepreneurship used to produce goods and services
Scarcity
Factors of production
Production possibilities curve
Economy

Economics Chapter 1 Vocabulary Flashcards | StudBud

Economics Chapter 1 Vocabulary

15 termsStudBud Administration119 plays

This activity is a review of the vocabulary terms that will appear on the Chapter 1 Economics Test

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
The ability to develop new products and start new businesses in order to make profits
Scarcity
Consumer behavior
Entrepreneurship
Productivity
2
Any use of land, labor, and capital that produces goods and services more efficiently
Opportunity cost
Production possibilities curve
Technology
Capital
3
The basic problem of economics is
Pricing
Government policies
Scarcity
Consumer behavior
4
A theory that helps explain and predict economic behavior in the real world
Microeconomics
Hypothesis
Capital
Labor
5
Sacrificing one good or service to purchase or produce another
Trade-off
Microeconomics
Capital
Macroeconomics
6
Entrepreneurs do which one of the following
manage other people
start new businesses and take risks for profit
borrow capital and expand an existing business to lose money
adapt technology efficiently
7
Economics is primarily concerned with which of the following
values and objectives of society
use of resources
methods of production
future costs of goods
8
Economic theory that deals with the economy as a whole
Supply-side economics
Macroeconomics
Hypothesis
Microeconomics
9
The production and distribution of goods and services in a society
Economic model
Opportunity ccost
Economy
Trade-off
10
A car use by a messenger service is a type of
labor
capital
trade-off
opportunity cost
11
An assumption involving two or more variables that must be tested for validity
Shortage
Concept
Scarcity
Hypothesis
12
A graph showing the maximum combination of goods and services that can be produced
Factors of production
Technology
Hypothesis
Production Possibilities Curve
13
Which answer best describes a shortage
Shortages are only temporary
Shortages are never temporary
Shortages are the same as scarcity
Shortages turn in to scarcity
14
Manufactured goods used to make other goods and services
Technology
Capital
Trade-off
Economy
15
Land, labor, capital, and entrepreneurship used to produce goods and services
Scarcity
Factors of production
Production possibilities curve
Economy