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Economy Unit 1 Review - The Basics of Economics Flashcards | StudBud
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Economy Unit 1 Review - The Basics of Economics
Economy Unit 1 Review - The Basics of Economics
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Factors of production and opportunity costs
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
In which economic system are the factors of production most likely be owned by the government?
market economy
traditional economy
command economy
2
An opportunity cost occurs
only when you don’t make a choice
only when you make a good choice
only when you make a bad choice
whenever you make a choice
3
The idea that consumers determine what goods and services will be produced is called
Competition
supply and demand
Private property
4
A trade-off occurs because of unlimited resources.
False
True
5
You have a Coke & a Pepsi and drink the Pepsi. What is the opportunity cost of your choice?
the Pepsi
zero
the Coke
6
________
are those things that can be used to produce goods and services.
Capital
Land
Labor
Resources
7
Saving money to buy a house in ten years is an examples of a(n)
long=term goal
short-term goal
marginal goal
8
Materials that come from nature such as water, coal and timber are examples of
natural resources
limited resources
capital resources
unlimited resources
9
The things you would like but can live without are called
Products
Wants
Resources
10
The opportunity cost of attending college is
equal to the salary one earns from college
the money you could earning by skipping college
the money you borrow to go to college
11
Making a profit is highly stressed in this economic system.
command economy
traditional ecoomy
market economy
12
You can decide what job you would like to do in this economic system
professional economy
market economy
command economy
traditional economy
13
A delivery truck represents what factor of production?
Entrepreneurship
Capital
Labor
14
A Factor of Production is
Used in the production of gardening.
Used in the production of fruits.
Used in the production of goods and services.
15
Opportunity cost is the value of the
resources you gave up
resources you gave up
best alternative you gave up
ce resources you haveaction that waschosen
16
Getting a college education or starting a business is an example of a (n)
marginal cost
goal
marginal benefit
17
The additional satisfaction you receive from consuming an additional unit of a good is called
Tradeoff
Marginal cost
Marginal benefit
18
Our economy is characterized by
unlimited wants
no energy resources
unlimited material resources
abundant productive labor
19
Custom, traditional ways and beliefs are the base values of this economic system.
command economy
market economy
traditional economy
20
Your financial goals should be
specific
costly
unclear
limited
21
The U.S. Economy is a mixed economy which means that the economy is
Run mainly by business.
Run mainly by government.
Run by a combination of both business andgovernment.
22
A farm represents what factor of production?
Labor
Capital
Land
23
The market system is characterized by
private property rights
centralized decision-making
government price controls
24
The four resources used to produce goods and services are natural resources, labor, capital and
technology
goods and services
education and training
entrepreneurship
25
A computer is an example of a
Limited resource
Natural resource
Capital resource
Unlimited resource
26
The largest source of tax revenue for the federal government is
social security tax
property tax
personal income tax
27
Economics is the study of
stocks and bonds markets
gambling
making money
choice under conditions of scarcity
28
A risk-taker represents what factor of production?
Entrepreneurship
Labor
Capital
29
The principle of opportunity cost evolves from the concept of:
consumer spending
individuality
scarcity
30
A trade-off is
a way to eliminate opportunity costs
a means of satisfying all of your needs
a way to eliminate scarcity
an exchange of a good or service for another
