Basic economic condition

scarcity of resources, unlimited wants

What do entrepreneurs do?

Combine the factors of production to produce

The opportunity cost of a decision can be examined by using a---

production possibilities frontier

All societies must answer 3 Econ questions. What are they?

What to produce, how to produce it, and for whom to produce.

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Unit 1, Economics

14 termsStudBud Administration729 plays

Economic Fundamentals, Unit 1a.

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Questions 14

Answers

1
Temporary lack of one or more goods
shortage
trade-off
growth
services
2
Basic economic condition
Money
Banking
scarcity of resources, unlimited wants
Business
3
The productive resources, resources used to make all goods and services are the
weber trade offs
factors of production
opportunity costs
Money
4
The US economy is what type of economic system?
Command
Market
Mixed Market
Traditional
5
What is the next best alternative that is given up when an action is chosen
Choice
Trade Off
Opportunity Cost
Want
6
Human capital includes
tools to make things
salaries paid
equipment at a doctor's office
knowledge, skills, training
7
What do entrepreneurs do?
Hurt the economy
Earn lots of money
Combine the factors of production to produce
Hire their friends
8
Producing a combination of military or consumer good is what kind of decision
scarcity choice
shortage choice
decision at the margin
global trade off
9
The opportunity cost of a decision can be examined by using a---
global trade off grid
graph of increasing costs
production possibilities frontier
factors of production chart
10
What is a factory building an example of
real estate
human capital
physical capital
technology
11
Who are the players in a circular flow model?
Sole proprietors, Labor, and Consumers
Individuals, Firms, and Gov.
Imports, Exports, and Barriers
Hospitals, Gov., and Police
12
All societies must answer 3 Econ questions. What are they?
Who produces, why, and how often
How to get rich, what to do, and where to go to school
Where to produce, why to produce, and how to produce
What to produce, how to produce it, and for whom to produce.
13
land, labor, capital, and entrepreneurship
scarcity
factors of production
stuff
trade-off
14
Why are all goods and services scarce
goods are not scarce
some goods cost more than others
some are needs and others are wants
all resources are scarce

Unit 1, Economics Flashcards | StudBud