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BASICS OF ECONOMICS Flashcards | StudBud
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BASICS OF ECONOMICS
BASICS OF ECONOMICS
16 terms
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StudBud Administration
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117 plays
An introduction of the basics of economics
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Utility means satisfaction
True
False
2
This is an example of
Land
Capital
Labor
Entrepreneurship
3
The skills and knowledge gained by a worker through education and experience
Labor
Land
Physical Capital
Human Capital
4
Economics is a
Is the study of how people use limited resources on Earth.
Economics is the study of how the world works.
How we satisfy our wants.
Economics is the study of economics and business.
5
Marginal means satisfaction
False
True
6
Macroeconomics is the study of the economy as a whole.
True
False
7
Microeconomics studies countries as a whole.
True
False
8
The picture is an example of
Consumer Good
Capital Good
9
the best alternative forgone is also known as
scarcity
economic problem
opportunity cost
making choices
10
the four factors of production are
capital , enterprise, labour, resources
land, resources, business, machinery
land,labour,capital, enterprenuer
land, labour machinery, business
11
Allocation means
what consumers buy and sell in a market
distribution
exchange of goods
how resources are made and sold
12
College should be free for all students is an example of a normative statement
True
False
13
land is any human effort directed toward producing goods and services.
False
True
14
What ought be is a known as positive statement
False
True
15
scarcity is caused by
limited needs and wants
unlimited wants limited resource
too many resources
too many goods and services
16
an example of a need is
Internet
laptop
iPhone
Water
