stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Introduction to Economics Flashcards | StudBud
Explore
/
Introduction to Economics
Introduction to Economics
20 terms
·
StudBud Administration
·
1,941 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
A computer used to produce magazine articles is an example of which factor of production?
Capital
Entrepreneurs
Land
Labor
2
Which type of market is the one in which a person buys their favorite breakfast sandwich at a fast-food drive thru?
Financial market
Closed market
Factor market
Product market
3
Which of the factors of production involves taking risks and combining resources to produce a good or service?
entrepreneurs
labor
capital
land
4
How many distinct factors of production do economists recognize?
4
3
1
2
5
Which product is an example of a consumer good?
Dog food for a pet boarding facility
Gallon of milk to use in a bowl of cereal
Paint sprayer for an auto body shop
Stock share in a tech company
6
When you need to evaluate the costs and benefits of each choice to decide which meets your criteria. These are called
resource frontier
opprotunities
priorities
trade-offs
7
Societies are faced with which three basic questions about production of goods?
what, how, and why
what, where, and when
what, how, and for whom
when, where, and for whom
8
Two friends decide to start selling their drone camera aerial footage. Which economic question have they answered?
How much to produce?
How to produce?
For whom to produce?
What to produce?
9
Which of the following descriptions best explains the meaning of opportunity cost?
the cost of business failure
the cost of choosing one alternative over another
the initial cost of starting a new business
the risk associated with producing a new item
10
Which statement below best answers the economic question "How to produce"?
An artisan uses local wood from a sustainable tree farm to make products.
An artisan sells their products at art shows, online, and by word of mouth.
An artist sells their products for prices ranging between 20 and 500.
An artisan crafts wooden figurines, toys, and games.
11
The South's rainy season is an example of which factor of production?
Entrepreneurs
Land
Labor
Capital
12
Opportunity cost refers to
the cost of not expanding production.
the value of the next best alternative.
the dollar amount attached to a good or service.
the cost of labor when production is expanded or changed.
13
Which type of market is the 1 in which a fast-food company buys the eggs to make a person's favorite breakfast sandwich?
Closed market
Financial market
Product market
Factor market
14
The manager of a car repair shop is an example of which factor of production?
Land
Labor
Entrepreneurs
Capital
15
Which product is an example of a capital good?
Pencils for homework
Stock in a coffee company
Computer to track online sales
New pillows for a bed
16
Economics is best defined as the study of how societies deal with
the division of labor.
the factors of production.
the problem of scarcity.
the paradox of wealth.
17
Dorian owns a farm & sells potatoes localy to resturants & stores. Which phrase describes this info about his business?
Consumer in the factor market
Supplier in the financial market
Consumer in the product market
Supplier in the factor market
18
A developer of a new smartphone is an example of which factor of production?
Entrepreneurs
Labor
Land
Capital
19
Consumers are powerful because
They help decide a business's opportunity costs.
They have more rights than corporations.
They drive decisions about what to produce.
Their interests force producers to behave ethically.
20
Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in
human capital.
entrepreneurship
the factor market.
the product market.
