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Economics Flashcards | StudBud
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Economics
Economics
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Questions
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Answers
1
What two specific resources create scarcity?
Income/wealth
time/potatoes
income/production
time/income
2
Manufactured goods to make other goods/services
labor
capital
services
production
3
When Steve Jobs invented/developed the iphone he was utilizing this factor of production
Capital
Labor
entrepreneurship
Land
4
People need to make economic ___________ because everything exists in limited amounts.
factors
services
choices
wants
5
What does inverse mean?
same
exact
direct
opposite
6
What is a graph showing max amount of goods/services that can be produced w/ limited resources?
opportunity cost
direct relationship
Production possibilities curve
Trade off
7
(T/F) Macroeconomics deals with behavior and decision making by small units such as individuals
False
True
8
Any work people do to create goods and services is called...
labor
entrepreneurship
land
capital
9
In what way is land different from the other factors of production?
Land is larger
There is unlimited land
Land is created by people
Land is not created by people
10
_________________ are activities that can satisfy people's wants/needs and usually have a fee
dancing
services
goods
entrepreneurship
11
What is the classic example for explaining production possibilities in economics?
eggs versus waffles
guns versus butter
patriots versus jets
cops versus robbers
12
Sometimes referred to as the 5th factor of production, this uses new science to develop goods
productivity
technology
entrepreneurship
labor
13
Based on the following image, what is the opportunity cost of making all skis?
12 snowboards
250 snowboards
300 snowboards
0 snowboards
14
What is the next best alternative that is given up in order to do something
solution
choice
opportunity cost
trade off
15
What does scarce mean?
Resources are limited
Resources are 0
Resources are abundant
Resources are all over
16
Spending 10 dollars at McDonald's is called a...
Sweet deal
opportunity cost
trade-off
Alternative
17
The study of how individuals/fams/businesses use limited resources to fulfill unlimited wants.
Macroeconomics
Microeconomics
Economics
Factors of production
18
This factor of production includes fish, chickens, trees and "gifts of nature"
labor
capital
land
entrepreneurship
19
Basic economic problem that results from a combo of limited resources/unlimited wants.
Trade off
Scarcity
Cost
Productivity
20
Based on the following graph, what is the maximum amount of storage sheds you can produce?
450
500
250
10
21
What is the degrees of the international date line?
180
60
0
90
