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Unit 1 Review Flashcards | StudBud
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Unit 1 Review
Unit 1 Review
18 terms
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StudBud Administration
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Review the concepts we've covered in the first month of economics?
Flashcards
18 cards
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Practice quiz
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Host live
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Questions
18
Answers
1
All choices entail an opportunity cost
False
True
2
The limited nature of society's resources is known as
Scarcity
Basic Economic Questions
Government Assets
Allocation
3
Cost Benefit Analysis is a decision making tool that compares:
Marginal Product and benefits
Marginal utility and benefits
Marginal costs and marginal benefits
Costs and benefits
4
The Circular Flow Model demonstrates how money and productive resources flow through an economy.
False
True
5
How many laces are on a football?
6
8
7
9
6
The money households spend to purchase goods and services through..
Output
Income
Voluntary exchange
Input
7
What are the two markets in a Circular Flow model?
Labor and Goods Markets
Goods and Services Market
Natural and Captial Markets
Factor and Product Markets
8
Workers not being well trained might be a reason for
A society operating below their PPC
A society that chose to minimize costs
A society operating well above their PPC
A society operating at full efficiency
9
The three basic economic questions are: What to Produce, How to Produce and ...
Who produces?
Who gets to consume?
What to consume?
How to produce?
10
The four factors of production are
Stones, clothespins, plastic baggies & straws.
Resources, productivity, tools, and technology.
Land, labor, water, and people.
Land, labor, capital, & entrepreneurship.
11
Economics is the study of
Consumers deciding what to buy
Government deciding what to produce
People allocating limited resources to satisfy unlimited wants
People controlling money in an economy
12
The additional satisfaction or use an individual gets from consuming one more unit is called..
marginal analysis
marginal waste
marginal benefit
marginal product
13
A production possibility curve represents
how many people to hire.
the maximum amount of goods that can be made.
the technology that should be used.
the resources that should be used.
14
What item must be added for a society to produce outside its PPC?
More workers
Less resources
More land
More resources or new technology
15
Why do people get hiccups?
involuntary contractions of the diaphram
lack of oxygen in the body
gas build up
dehydration
16
Who are the two decision makers in a Circular Flow model?
Government and Businesses
Government and Consumers
Government and Households
Households and Businesses
17
About how many people died on the Titanic?
1300
700
1500
2200
18
What is the term for making decisions according to the best combination of costs and benefits?
Incentives
Economizing
Marginal cost
Utility
