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Economics- Unit 1 Flashcards | StudBud
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Economics- Unit 1
Economics- Unit 1
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#scarcity #opportunity
Flashcards
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Answers
1
Adam Smith's principle that the government should not interfere in the economy?
specialization
circular flow
factors of production
laissez-faire
2
This term describes an assembly line where a worker masters a few skills really well.
division of labor
mercantilism
capitalism
service
3
What is a fundamental economic problem that society does not have enough resources
laissez-faire
underutilization
scarcity
opportunity cost
4
Which of the following is NOT one of the basic economic questions?
What to produce?
Where to produce?
How to produce?
For whom to produce?
5
In
The Wealth of Nations
, Adam Smith
Said that both buyers and sellers benefit from a free market
Was opposed to free trade
Argued in favor of mercantilism
said government should be in control of everything
6
What is the term that means you are using your resources to the best of your ability?
trade off
underutilization
efficiency
specialization
7
Which factor of production? people with their efforts, skills and abilities
labor
entreprenuers
capital
land
8
Which of the following is considered to be a capital good?
a burrito at Taco Bell
an iPhone at Best Buy
a pair of jeans at the Gap
a grill at Burger King
9
Which of the following best describes the relationship between trade-offs and opportunity costs
trade-offs are the same thing as opportunity costs
opportunity costs occur when trade-offs are made
trade-offs happen when there are no opportunity costs
opportunity costs are the opposite of trade-offs
10
These are manufactured goods that are used to produce other goods.
non-durable goods
services
consumer goods
capital goods
11
Who is a person who makes goods or provides a service?
consumer
Adam Smith
producer
12
what is the value of the next best alternative when one choice is made over another
opportunity cost
efficiency
scarcity
entreperneur
13
Which factor of production? risk takers who use resources to operate a business
labor
entreprenuers
land
capital
14
What is NOT a factor of production?
economics
captial
labor
land
15
The United States decides what goods to produce by letting
the producers and consumers decide
only the government decide
the producers and government decide
only the producers to decide
16
Which factor of production? natural resources not created by humans
entreprenuers
land
labor
capital
17
In economic terms, laissez-faire means that the government
should stay out of the market place
should get very involved in the market place
does not support capitalism
supports capitalism
18
What does the process of specialization do for an economy?
it makes it easier to control
it eliminates unemployment
it makes it more efficient
it fosters competition
19
Which factor of production? tools equipment and factories used in production
entreprenuers
capital
labor
land
20
Paying someone to cut your hair is an example of a(n)
durable good
non-durable good
capital good
service
21
What does the process of specialization do for an economy?
it fosters competition
it makes it easier to control
it eliminates unemployment
it makes it more efficient
22
An example of a trade-off is
giving up going to a movie because it got bad reviews
going to a movie to see your favorite actor
giving up going to a movie to spend time shopping
going to a movie because it got good reviews
