stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Chapter 1 Flashcards | StudBud
Explore
/
Economics Chapter 1
Economics Chapter 1
18 terms
·
StudBud Administration
·
188 plays
Imported from external platform
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
Which of the following is
NOT
a factor of production.
Labor
Land
Entrepreneurship
services
2
Oil deposits are an example of
Land
Capital
Entrepreneurship
Labor
3
A company's office building is an example of
Land
Entrepreneurship
Capital
Labor
4
Why does scarcity exist?
factors of production are unavailable
limited resources, but unlimited wants
government control of the market
limited wants, but unlimited resources
5
Scarcity exists when demand is greater than supply.
False
True
6
What is the basic problem of economics?
government policy
scarcity
pricing
consumer behavior
7
If you choose to buy music instead of a shirt, the shirt is the ________________.
next best alternative
opportunity cost
land
scarcity
8
If everyone in the world were rich, scarcity would not exist.
true
false
9
Who was the father of modern economics?
John Locke
Adam Smith
Karl Marx
Cam Newton
10
What is a trade-off?
an economic school of thought
using resources wisely to increase productivity
sacrificing one of the four factors of production
sacrificing something to purchase or produce something else
11
Economics is primarily concerned with which of the following?
cost of goods
methods of production
use of resources
values and objectives of society
12
Tangible items that people buy are known as
capital
services
factors
goods
13
What factor of production do these images illustrate?
Entrepreneurship
Land
Labor
Capital
14
In the United States, which political party tends to support laissez-faire economic policy?
Green
Republican
Democratic
Independant
15
What do people have to do when faced with unlimited wants and limited resources?
make choices
find the intersection of supply and demand
increse one of the factors of production
decrese one of the factors of production
16
Economists build economic models to try to understand the way the economy works.
False
True
17
What factor of production involves risk taking and developing new ideas?
Land
Entrepreneurship
Labor
Capital
18
What is opportunity cost?
a factor of production
the value of the next best alternative
productivity
production possibilities curve
