Basic Economic Concepts

Question 1

the ratio (Output : Input / periods of time) describes what?

Accepted Answer

Productivity

Question 2

The reason taxpayers or companies participate in business activities is because of...

Accepted Answer

Profit Motive

Question 3

The entire system of producing, distributing, and consuming is called...

Accepted Answer

Economy

Question 4

A person on a business endeavor can be called a(n)

Accepted Answer

entrepreneur

Question 5

What is it called when you exchange one benefit for another that is better?

Accepted Answer

Trade-Off

Question 6

What does this picture represent?

Accepted Answer

An Incentive

Question 7

How does Linus feel about the toy car?

Accepted Answer

It's a Want

Question 8

The measure of satisfaction is called...

Accepted Answer

Utility

Question 9

_________ is the rivalry among sellers in order to improve profit or sales.

Accepted Answer

Competition

Question 10

Limited Resources + Unlimited wants =

Accepted Answer

Scarcity

Question 11

Bill chooses family over a higher paying job. The money he loses is called what?

Accepted Answer

Opportunity Cost

Question 12

Although water is more useful, diamonds are worth more. This is an example of...

Accepted Answer

Paradox of Value

Question 13

This image displays...

Accepted Answer

Wealth

Question 14

Goods (tangible items/materials) and Services (Intangible, no ownership) both satisfy..

Accepted Answer

Human wants and provide utility

Question 15

The picture represents...

Accepted Answer

Market

Question 16

What does the images display?

Accepted Answer

need

Question 17

The graph represents what?

Accepted Answer

Economic Growth

Question 18

The quantity of books produced in a factory is called the...

Accepted Answer

output

Question 19

The level of wealth, comfort, and necessities available to a socioeconomic class is called...

Accepted Answer

Standard of Living

Question 20

Land, Capital & Labor are all...

Accepted Answer

Factors of Production

Question 21

Any economic resource measured in terms of money is called

Accepted Answer

Financial Capital

Question 22

The claim that customer preferences determine the production of goods and services.

Accepted Answer

Consumer Sovereignty

Question 23

A type of economy where products and prices are determined by the market and not the government

Accepted Answer

Free Enterprise

Question 24

Materials and items used to produce output can be described as...

Accepted Answer

input

Basic Economic Concepts

Questions 24

Basic Economic Concepts

Questions 24