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Introduction to economics Flashcards | StudBud

Explore/ Introduction to economics

Introduction to economics

12 terms·StudBud Administration·34 plays

Economics Microeconomics Relative scarcity Resources Economic Systems

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Questions 12

Answers

1
Economics is the study of
money and resources
maximising decisions to have it all
maximising decisions to make good use of scarce resources
clothes, handbags and fast cars
2
Relative Scarcity exists
True
False
3
Economics is the greatest study of all.
True
False
4
Microeconomics topics include all but NOT:
Markets
National unemployment
Supply
Demand
5
Resources are
inputs used into production
scarce
all of the above
used to make goods and services
6
The basic economic problem is relative scarcity
True
False
7
Which type of resource is a cashier at McDonalds?
Labour
Entrepreneurship
Capital
Land
8
A table in a restaurant is which type of resource?
Land
Labour
Entrepreneurship
Capital
9
Which of the following is a need?
Mobile phone
Backpack
Haircut
Water
10
Which type of resource is oil?
Labour
Entrepreneurship
Land
Capital
11
An economic system considers three fundamental economic questions, which are:
When to produce, how to produce, and for whom to produce?
What to produce, why to produce, and for whom to produce?
Why to produce, how to produce and for whom to produce?
What to produce, how to produce, and for whom to produce?
12
Your knowledge and skills used to start a business is which type of resource?
Land
Labour
Entrepreneurship
Capital