A Production Possibilities Curve shows us

The Trade-Offs for all choices between two limited resources

The Opportunity Costs for you buying a new computer is (best answer)

Everything that the money you spent could have bought

Food, water, clothing, shelter are examples of

Needs - because you can't live without them

How much anyone can produce given finite resources and time

All trade-offs lose because

You always have give up some of one thing, to get another

Using an new or unique idea or method to produce a good or service is

Entrepreneurship - because it may be a risk

When an Economist studies Microeconomics - he or she most often looks at

Individual choices within and Economic system

A fine for overspending a checking account is a(n) (best answer)

Disincentive - because it encourages you to spend carefully

Macroeconomics focuses on

Large economic practices and systems

Economists say that in Economics there is neither good nor bad because

What is good for some, might be bad for others

Pizza or Burgers - you choose Pizza.....Burgers are

The Opportunity Cost of choosing the Pizza

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Economics - Chapter 1 - The Basics

20 termsStudBud Administration64 plays

A fun review of the terms and concepts in Chapter 1. Put on your thinking caps - turn on your phones - and let's get started!

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Questions 20

Answers

1
The study of choices of ways to use scarce resources to meet unlimited needs and wants is
Economics
Opportunity Costs
Entrepreneurship
Scarcity
2
A Production Possibilities Curve shows us
The Opportunity Costs of a single choice
Only what happens when the choices are Guns and Butter
The Trade-Offs for all choices between two limited resources
The Factors of Production
3
In production, Capital is NOT (best answer)
Items that can be used for a long time
A computer system for record keeping
Employees
Money
4
The Opportunity Costs for you buying a new computer is (best answer)
Everything that the money you spent could have bought
Guns and Butter
The Needs you give up when you buy this Want
The Money it cost to buy it
5
Time and Money are examples of
Needs
Scare or limited Resources
Opportunity Costs
Wants
6
Food, water, clothing, shelter are examples of
Needs - because you can't live without them
Trade-offs - because you usually cannot have all of these
Opportunity Costs - because they are the costs of trade-offs
Wants - because who doesn't want these?
7
This image show a(n)
Economics Model
Production Possibilities Curve
Trade-off for each choice between two resources
ALL of these
8
All Economic choices involve
Trade-offs
Technology
Money
Goods and Services
9
Productivity is
Services only
How much anyone can produce given finite resources and time
Goods only
Guns and Butter
10
All trade-offs lose because
Opportunity Costs are infinite
You always have give up some of one thing, to get another
Production Possibility Curves measure only two choices
In Economics there is neither good nor bad
11
Using an new or unique idea or method to produce a good or service is
Entrepreneurship - because it may be a risk
Land - because it needs to happen somewhere
Capital - because it costs money
Labor - because it is work
12
When an Economist studies Microeconomics - he or she most often looks at
Entrepreneurs and their ideas
Production Possibilities Curves
Large systems of exchanges and production
Individual choices within and Economic system
13
A fine for overspending a checking account is a(n) (best answer)
Microeconomics - because it is an individual choice
Capital - because it involves money
Incentive - because it makes you want to do spend recklessly
Disincentive - because it encourages you to spend carefully
14
Macroeconomics focuses on
The resources needed to start a new business
Production of goods and services - nationwide
Large economic practices and systems
Individual choices between competing resources
15
Anything that can be used to meet a want or a need is a(n)
Factor of Production
Trade-off
Opportunity Cost
Resource
16
Economists say that in Economics there is neither good nor bad because
Economists are notoriously indecisive
Economic Models never show what really happens in an economy
Economists only deal with theory - not real choices
What is good for some, might be bad for others
17
Land, Labor, Capital, Entrepreneurship, Technology are (best answer)
Factors of Production
Scare resources
Trade-Offs
Opportunity Costs
18
Pizza or Burgers - you choose Pizza.....Burgers are
Capital - because Pizza is cheaper than Burgers
Microeconomics - because the it is your choice alone
The Opportunity Cost of choosing the Pizza
Scarce Resources
19
Everyone produces one or both of these
Labor and Capital
Incentives and Disincentives
Land and Technology
Goods and Services
20
Encourage us to choose one product or resource over another
Disincentives
Opportunity Costs
Goods
Incentives

Economics - Chapter 1 - The Basics Flashcards | StudBud