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Unit One Lesson Two Economics Flashcards | StudBud
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Unit One Lesson Two Economics
Unit One Lesson Two Economics
20 terms
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1
a person who assembles and organizes the resources necessary to produce goods and services
Shortages
Services
Goods
Entrepreneurship
2
What do economists mean when they use the word "land"?
the money used to invest in order to produce future wealth
natural resources used to produce goods and services
the time and effort people devote to producing goods and services
real estate containing buildings where goods and services are produced
3
the result of using resources in a way that produces the maximum amount of goods and services
Capital
Input
economic efficiency
Resources
4
a resource used in the production process; also known as a factor of production
Input
Land
Output
labor
5
What is one way that a business can raise its productivity?
get less output from the same inputs
get the same output with the same inputs
get more outputs from the same inputs
get less output from more inputs
6
a natural resource that cannot be replaced once it is used; examples include oil and coal
nonrenewable resource
Labor
Renewable resource
Capital
7
the natural resources, including energy, that are used to produce goods and services; one of the factors of production
Input
Land
Labor
Output
8
the resources used to produce goods and services. Economists define these resources as land, labor, and capital
Opportunity Cost
Scarcity
Goods
Factors of Production
9
a physical article that has been produced for sale or use
Productivity
Services
Capital
Goods
10
the goods or services generated by the production process
Input
Land
Output
Human Capital
11
model shows all the combinations of two goods that can be produced with the resources and technology currently available
Productivity
Opportunity Cost
Production Possibilities Frontier
Capital
12
What do we do when we maximize the utility of our decisions?
We make the easiest choice,
We make the decisions that will only give us pleasure.
We make the decisions that we expect will make us better off.
We make decisions that decrease our standard of living.
13
Which statement about a country's human capital is true?
The lower the level of human capital, the richer the nation will be.
There is no correlation between a country's human capital and its wealth
A country with high human capital is a wealthier nation.
A nation's human capital is the least important form of capital
14
Our wants are
Unlimited
Unlimited
Abundant
equal to our resources.
15
a measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input
Services
Productivity
Capital
Goods
16
the tools, machines, and buildings used to produce goods and services
Production
Goods
Services
Capital
17
What is one modern example of capital replacing labor?
an entrepreneur starting a new business
a student who continued her education and delays entering the workforce
a worker who takes a minimum-wage job
a robot in an automobile assembly plant
18
What causes a shortage?
Unlimited Resources filling the market
No resources left to fill the demand
No demand and a lot of supply
a temporary increase in demand for a particular good or service
19
the next best alternative that is given up when making a choice a measure of what you must give up to get what you want
Tradeoffs
Opportunity Cost
Scarcity
Marginal Cost
20
Work done by someone else for which a consumer, business is willing to pay
Goods
Human Capital
Services
Capital Goods
