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Intro to economics Sec 1 Flashcards | StudBud

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Intro to economics Sec 1

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Questions 10

Answers

1
All goods and services are scarce because
resources are limited.
greedy people want too many goods.
things are either needs or wants.
some goods cost more than others.
2
Something we use
scarcity
supply
resource
resource
3
Land, Labor, Capital, and Entrepreneurship
Factors of Production
Diversification
Portfolio
Deductions
4
There are 4 _______________. They are land, labour, capital and entrepreneurship.
Economics
Factors of Production
Market Economy
Profit
5
Which of the following is NOT an example of a factor of production?
Dollars.
A computer program.
A labor leader.
A forest.
6
What is the difference between a shortage and a scarcity?
There is no real difference between a shortage and a scarcity.
A shortage is a lack of goods and services scarcity concerns a single item.
A shortage can be temporary or long-term, but scarcity always exists.
A shortage results from rising prices scarcity results from falling prices.
7
An entrepreneur is:
the person who conceives and starts a business.
an employee in a factory.
the person who contracts to work for a specific price.
the manager of a factory.
8
Which of the following is NOT a natural resource?
Oil
Water
Air
Car
9
Which of these things is a "need" and not a "want"?
shoes to keep your feet warm & protected
a smartphone with data/internet access
going to an elite college or prep school
a really nice house/apartment to live in
10
What is choice?
The act of picking or deciding
When something is very good
The best option possible
When someone has no say in a matter