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Fundamental Economic Concepts Flashcards | StudBud

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Fundamental Economic Concepts

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Questions 10

Answers

1
In the production possibilities frontier,what could cause production to move from point a to e
economic decline
improvements in technology
economic growth
increased productivity
2
Division of labor is a characteristic of
entrepreneurship
classroom education
home craft businesses
assembly line production
3
What is the fundamental problem of economics?
land
factors of production
capital
scarcity
4
The study of economics is important because it enables us to
determine what goods ought to be produced
increase our consumption of consumer goods
describe our standard of living
become better decision makers
5
Actions in one part of the country or world that have an economic impact on something elsewhere
trade-offs
specialization
opportunity costs
economic interdependence
6
An economy at its production possibilities frontier is operating
at full, maximum potential
as a free enterprise economy
with slow economic growth
7
Manufactured goods needed to produce other goods and services are called
nondurable goods
consumer goods
capital goods
Gross Domestic Product (GDP)
8
Which of the following is NOT a basic economic question?
FOR WHOM to produce?
HOW to produce?
WHEN to produce?
WHAT to produce?
9
Which of the following is NOT a capital good?
an oven at a bakery
a cash register at a clothing store
a television set for sale at an appliance store
a bulldozer at a construction site
10
A popular model used to illustrate the concept of opportunity cost is
the production possibilities frontier
the paradox of value
the factors of production