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Domain 1: Fundamentals Flashcards | StudBud
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Domain 1: Fundamentals
Domain 1: Fundamentals
10 terms
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StudBud Administration
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13 plays
A review of economics domain 1 fundamentals
Flashcards
10 cards
F
Practice quiz
P
Host live
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Questions
10
Answers
1
What to produce? How to produce? For whom to produce?
Command Economy
Goods
Three basic questions
Services
2
All of the human effort used to produce goods and services
land
scarcity
labor
human capital
3
concentrating on a single activity or area of experience
specialization
scarce
division of labor
market economy
4
Benefits or costs that influence the choices people make
interdependency
incentives
scarcity
capital
5
tangible objects that can be manufactured or produced for resale
capital goods
services
goods
consumer goods
6
Capital, entrepreneurship, land, labor
factors of production
entrepreneurship
resources
capital
7
the skills and knowledge gained by a worker through education and experience
human capital
production possibilities curve
factors of production
gain from trade
8
All natural resources, one of the factors of productions
entrepreneurship
capital
land
labor
9
the most desirable alternative given up as the result of a decision
opportunity cost
inputs
resources
economics
10
goods (as food or clothing) intended for direct use or consumption
inputs
consumer goods
capital goods
human capital
