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Economics Chapter 1 Overview Flashcards | StudBud

Explore/Economics Chapter 1 Overview

Economics Chapter 1 Overview

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Key terms from Chapter 1 of Economics textbook.

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Questions 10

Answers

1
What is the term that describes the highest valued alternative you give up when making a choice?
Opportunity cost
Trade-off
Shoe-leather costs
Utility
2
Which of the following are the factors of production?
Money, Entrepreneurship, Land, and Labor
Land, Labor, Capital, and Entrepreneurship
Labor, Capital, Land, and Money
Education, Health Care, Utility, and Labor
3
What is the term for describing when there are unlimited wants limited by limited resources?
utility
scarcity
opportunity cost
4
Microeconomics is the study of . . .
the distribution of goods and services on a national scale.
the distribution of goods and services on an individual scale.
the buying and selling of stocks and bonds.
5
What is TANSTAAFL an acronym for?
There's A Nerd Somewhere That Always Asks For Love
There Ain't No Such Thing As A Free Lunch
Try Always Not Some Times And Always Find Love
6
What is the term that describes making the choice of one product instead of another?
Utility
Trade-off
Opportunity cost
Shoe-leather costs
7
Normative economics is the belief that resource distribution should be based on fairness.
False
True
8
Macroeconomics is the study of . . .
the distribution of goods and services on an individual scale.
the distribution of goods and services on a national scale.
the buying and selling of stocks and bonds.
9
What are the 3 Basic Questions of Economics?
Why to produce? Where to produce? How much to produce
Where to produce? What to produce? For whom to produce?
What to produce? How much to produce? For whom to produce?
10
What is the model called that compares the making of two products in an economy?
Marginal Product Curve
Utility
Production Possibilities Curve
Marginal Returns Curve