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Economics - the basics Flashcards | StudBud
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Economics - the basics
Economics - the basics
20 terms
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Questions
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Answers
1
What are the most basic human needs?
Safety, shelter, and cleanliness
Food, money, government
Water, food, shelter
Netflix, chocolate, and cigarettes
2
Define Scarcity
A social science dealing with people's needs and wants.
A limited amount of resources compared to prices.
Needs and wants outweigh the amount of resources available.
A fundamental problem in society.
3
Collective wants ....
are usually public goods and services
are individual wants
are wants desired by the community
are usually provided by the government
4
Garbage collection is an example of a collective want
True
False
5
What is scarcity?
too much of something
the price
when there is not enough of something
a movie
6
Which of these energy resources IS NOT renewable?
oil
wind power
solar power
hydro-electric dam
7
Coal, natural gas, and petroleum are exhaustible (non-renewable) natural resources.
True
False
8
Wants change over time
True
False
9
Resources are ....
anything that can be used in the production process
factors of production
10
Diamonds are renewable resources.
True
False
11
The four factors of production are
land, labour, debt and enterprise
land, labour, capital and enterprise
land, forests, capital and enterprise
oceans, labour, capital and enterprise
12
Hospitals and schools are an example of individual wants
True
False
13
What are needs?
Material things that we wish to have
Those things that are necessary for survival
14
Individual wants are bought by individuals
True
False
15
Complementary wants are ...
paired with other wants (petrol is needed for a car)
never fulfilled
16
What is an example of renewable resources?
Uranium
Wind
Water
Coal
17
Economics ..........
is the business of choosing between scarce resources.
is about making decisions
is how a nation attempts to satisfy peoples needs and wants
relates to every aspect of our lives
18
The economy is the organisation of a society where goods and services are produced and consumed
True
False
19
Exhaustible resources are unlimited in its supply and can be replaced
True
False
20
Recurrent wants occur repeatedly, such as food and clothes
True
False
