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What is Economics? Flashcards | StudBud
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What is Economics?
What is Economics?
17 terms
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StudBud Administration
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172 plays
Covering chapter 1 of our textbooks.
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
What are manufactured goods used to make other goods?
capital
tools
goods
services
2
What is the sacrificing of one good or service for another?
trade-off
opportunity cost
buyer's power
cost of doing business
3
What does an entrepreneur do?
create new products
improve management techniques
start new businesses
all of the other answers
4
What are the production of goods and services in a society?
labor
capital
economy
economics
5
What is an an assumption involving two or more variables that must be tested for validity?
production possibilities
constant factors
economic model
hypothesis
6
Economists build economic models
to study teenage unemployment rates
to describe the factors of production
to produce goods
to help analyze how people behave in economic situations
7
Land, Labor, capital, entrepreneurship and technology are what?
factors of production
owned property
sources of income
productivity
8
What is the major economic problem?
needs and wants
economic models
shortages
scarcity
9
A building that a company uses is an example of what?
land
technology
capital
labor
10
What are tangible items that people buy?
services
needs
wants
goods
11
What is an example of land?
boat captain
boat
fishing net
fish
12
All of the combinations of goods and services that can be produced in a given time
goods and services
productivity
maximum production
production possibilities
13
Which point on the PPC is not possible to attain?
E
C
A
B
14
The value of the next best alternative that has to be given up for the action that is chosen is
opportunity cost
best choice
production possibilities
trade-off
15
Economics is mainly concerned with...
values and objectives of society
future costs of goods
methods of production
use of resources to fulfill unlimited wants/needs
16
What is a simplified representation of the real world that is used by economists?
production possibilities curve
factors of production
goods
economic model
17
Businesses can make decisions about the best use of their resources by analyzing
Generalizations about consumer behavior
Economic pricing models
Government policies
Productions possibilities curves
