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12th Grade Econ Chapter 1 Flashcards | StudBud
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12th Grade Econ Chapter 1
12th Grade Econ Chapter 1
25 terms
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chapter 1
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Demand outnumbers the available resources
Scarcity
Opportunity Cost
Thinking on margin
Profit
2
Highest valued alternative given up as a result of making a choice
Microeconomics
Scarcity
Opportunity Cost
Market Economy
3
Using a product/service
Distrubtion
Entrepreneurship
Production
Consumption
4
Process of getting a product/service to consumers
Production
Entrepreneurship
Distribution
Consumption
5
Which is not one of the 3 questions businesses are asking themselves? (product)
What is my product?
When am i making it?
For whom am i making it?
How am i making my product?
6
buildings, tools, machinery, money
Labor
Capital
Land
7
Extra/additional costs or benefits of a decision
Profit
Market Economy
Marginal
Market
8
A social science that studies how people decide to use scarce resources to satisfy their wants
Microeconomics
Economics
Opportunity Cost
Macroeconomics
9
People make decisions based on physical and psychological wants
False
True
10
Scarce resources can be used multiple ways at a time
True
False
11
Which is not a factor of production
Capital
Land
Control
Labor
12
Imagination and management skills needed to start and operate a business
Factors of Production
Entrepreneurship
Thinking on margin
Scarcity
13
An arrangement that allows buyers and sellers to make exchanges
Factors of production
Profit
Economics
Market
14
Our choices are not influenced by the choices of others
False
True
15
Process combining economic resources resulting in a good/service to be bought
Entrepreneurship
Production
Distribution
Consumption
16
Choices involve alternatives and should be future oriented
False
True
17
soil, minerals, timber, fresh water
Labor
Land
Capital
18
relies on voluntary trade as the primary means of organizing/coordinating production
Want Satisfaction Chain
Market Economy
Profit
Market
19
Even though our age, culture, and location changes, our wants stay the same
False
True
20
physical and mental efforts of people
Land
Capital
Labor
21
Resources can be scarce and plentiful at the same time
False
True
22
Positive difference between total sales and total costs
Expenses
Market
Profit
Marginal
23
Focuses on large-scale/national or general economic factors
Microeconomics
Macroeconomics
24
Rarity and scarcity are the same thing
False
True
25
Focuses on individual decisions and single factors
Macroeconomics
Microeconomics
