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The Basics of Economics Flashcards | StudBud
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The Basics of Economics
The Basics of Economics
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Answers
1
Which of these is NOT one of the four factors of production?
Capital
Labor
Government
Land
2
What are the 3 basic economic questions?
How, Why, and to Whom to produce?
What, How, and Where to produce?
What, How, and for Whom to produce?
Why, When, and Where to produce?
3
What is scarcity?
Limited resources
Unlimited wants, limited resources
Unlimited wants
Unlimited resources, limited wants
4
Is there such a thing as a free lunch?
Possibly
No
Probably
Yes
5
What is an Entrepreneur?
Someone who teaches Commerce Courses
Someone who makes a little money on his/her own
Someone who works as a District Manager
Someone who starts up a new business, runs it and takes risks
6
In Economics, 'Land' is defined as:
The equipment used to create goods and services
The layer of the Earth where all resources are found
the Earth and its resources
The portion of the Earth not underwater
7
What is labor?
Degrassi Junior High
The value of money that the bank has
Usage of physical or mental effort especially when difficult
Amount of money that the FTC currently can use on specifics
8
In the four factors of production, a bulldozer is
Labor
Tertiary Industry
Capital
Land
9
The opportunity cost of one choice is...
the opportunity boss
the opportunity lost
the law of supply and demand
the resource market
10
What is economics
Dwayne "The Rock"Johnson
how stuff is received
how limited resources are divided up
how stuff is given
11
Why does scarcity happen?
unlimited resources
renewable resources
no resources
resources are limited
12
What is a capital to entrepreneurs?
the main city of a state or country
the finished product
employees
money, tools, machines
13
What are the factors of production?
Land, Labor
What, How & For Whom to produce
Land, Labor, Capital, Entrepreneur
Capital, Entrepreneur, Laziness, Nothing
14
Why is there no such thing as a free lunch?
We have unlimited resources
You must always leave a tip
Only breakfast is free
Every choice involves an opportunity cost
15
Which of the following is NOT one of the 3 basic economic questions?
What will be produced?
How will it be produced?
Where will it be produced?
For whom will it be produced?
16
Due to the issue of scarcity, people & nations must make
resources
goods
services
choices
17
In the four factors of production, what are Elves?
Labor
Capital
Enterprise
Land
