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EPF Small Group Flashcards | StudBud
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EPF Small Group
EPF Small Group
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1
Direct Costs are:
The cost of things
The cost of materials only
Linked directly to a product or service, such as the raw materials or labor
Direct materials and direct labor are the most common direct costs.
2
capital resources are equipment, machines, tools, infrastructure
True
False
3
Scarcity is the study of how individuals and societies make choices under this condition
True
False
4
What is Economics?
Study of buying and selling
How I spend my money
Study of making choices based on scarcity.
The way the world works
5
GDP: Gross Domestic Product is...
Graduated Departmental Procedures
measures the value of goods & services a country produces in specific year
Gradual Development and production
The businesses run
6
Intentionality in Economic terms is:
When people are lazy
people want more goods and services than can be produced
measured decisions
Too many goods
7
indirect costs: Can affect an entire operation rather than a specific product or service.
True
False
8
Economic Assumptions: Assumes people are rational & self-interested/motivated to succeed fiscally
False
True
