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Unit 1 Fundamental Economics Flashcards | StudBud
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Unit 1 Fundamental Economics
Unit 1 Fundamental Economics
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1
The next best alternative or choice you could have made when making a decision is called your?
trade-off
marginal cost
opportunity cost
marginal benefit
2
When you decide to go to the movies, which of the following best describes your opportunity cost?
the satisfaction you received from going to movies
the time you could have spent studying instead of going to the movies
everything else you could have done instead of going to the movies
the money you spent on the popcorn at the movies
3
Air, water, food, and shelter are all examples of?
needs
wants
desires
choices
4
The graph below is called a?
supply and demand graph
production possibilites curve
business cycle curve
marginal analysis graph
5
When deciding to spend 1, 2, or 3 hours studying for a test to improve your grade, you are?
organizing your resources
examining the production possibilities
weighing your options
Thinking at the margins
6
An economic system in which the government makes of the decisions is called a?
mixed economy
command economy
marginal economy
market economy
7
An economy that was producing at Point A would be considered?
inefficient
profitable
unattainable
efficient
8
Economics is the study of?
money
economies
costs
choices
9
An economy that was functioning at peak efficiency would be producing at?
Points D and B
Points C and B
Points A and B
Points A and D
10
Entrepreneurs are most interested in?
becoming a franchisee
generating profits
finding investors
inventing a new product
11
The opportunity cost of moving from Point C to Point B would be?
400 consumer goods
80 capital goods
40 consumer goods
40 capital goods
12
All of the following would be considered Factors of Production EXCEPT?
profit
Labor
Land
Capital
13
Providing a haircut would be considered a?
good
service
cost
need
14
All economic systems must answer each of the following questions EXCEPT?
What to produce?
How to produce?
When to produce?
For whom to produce?
15
New forms of technology, the discovery of additional or better resources can lead to?
economic stagnation
economic efficiency
economic growth
a market economy
16
A person who creates a new good or service and assumes all of the financial risk for it's creation is called an?
business owner
entrepreneur
investor
inventor
17
A pizza oven would be an example of a?
consumer good
need
capital good
trade-off
18
Scarcity exists because people have?
to think at the margin
to make decisions
unlimited wants but limited resources
unlimited resources
19
Goods that are created for direct consumption by consumers are called?
factors of production
services
capital goods
consumer goods
20
A market economy is guided by?
producers
the invisible hand
the govenment
consumers
