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Fundamental Economic Terms Flashcards | StudBud
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Fundamental Economic Terms
Fundamental Economic Terms
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Flashcards
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Questions
10
Answers
1
What is the value of the next best alternative when one choice is made over another one?
capital
Opportunity Cost
trade off
profit
2
What is economics?
the study of business
Situdy of the stock market
the study of how to make money
The study of people and choices
3
What does TINFL stand for?
This is not for lunch
Things I need for Living
Things I need for lunch
There is no free lunch
4
A person who purchases good or services for personal use is called this.
entrepreneur
buyer
Consumer
producer
5
What is the fundamental economic problem?
Scarcity
underutilization
Too mnay rich people
Opportunity Cost
6
Efficiency is when you are using your resources to the best of your ability.
False
True
7
Natural Resources not created by humans is this factor of production.
capital
labor
entrepreneurship
land
8
Which is an example of labor?
a desk
A teacher
Having a baby
a chicken
9
Which factor of production are tools, equipment, and factories used in production?
land
human capital
physical capital
labor
10
Risk-takers who use resources to operate a business are called entrepreneurs.
False
True
