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Economics Unit 1 Review Flashcards | StudBud
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Economics Unit 1 Review
Economics Unit 1 Review
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A review game for Unit 1 Part 1 of Economics #basiceconomics #scarcity
Flashcards
30 cards
F
Practice quiz
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Host live
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Questions
30
Answers
1
What is our scarcest resource?
water
time
money
oil
2
What is Opportunity Cost?
the cost of the next best alternative
labor
the next best alternative
money
3
What is Scarcity?
Limited Resources> Unlimited Wants
Limited Wants
Unlimited Resources
Factors of Production
4
When a societies productivity increases, what also increases?
Resources
Standard of Living
Technology
Education
5
Point E is....
Inefficient
Efficent
Unattainable
Opportunity Cost
6
What's the Opportunity Cost of choosing apples over oranges
Apples
Oranges
7
What are THREE fundamental economic questions?
What to produce? How to produce? For whom to produce?
What to find? Where to find it? Who to sell it to?
Who? What? Where?
Opportunity Cost? Trade Off? PPC?
8
What is Specialization?
When worker specializes in a specific field of study
When a worker has one specific job all day
When a worker builds a house
When a worker does many jobs all day every day
9
What is the main motivating factor of Entrepreneurs?
Improve Society
Job Creation
Innovation
Profit
10
A Production possibilities curve shows the relationship between the production of
Two types of farm goods
Farm goods and factory goods
Two types of factory goods
Any two categories of goods
11
Which of the following is the biggest economic challenge?
money
time
resources
scarcity
12
Why do incentives help the economy?
people work harder when rewarded
they create more resources
they create more technology
people like nice things
13
What does the PPC represent?
Opportunity Cost
Maximum Production
Trade-Off
Factors of Production
14
What is a rational economic decision?
Cost and Benefits are equal
All of the above
No Opportuntiy Cost
Cost is greater than benefits
15
Rose hired workers for her business. What productive resource does Rosa represent?
Land
Labor
Capital
Entrepreneurship
16
When does economic growth occur?
lack of labor
more resources and better technology
more labor
lack of resources and technology
17
What's the difference between scarcity and shortages?
Scarcity is desirable and shortages are limited
Shortage is permanent and Scarcity is temporary
Shortages are desirable and Scarcity is limited
Scarcity is permanent and shortage is temporary
18
Point D is....
Unattainable
Efficient
Opportunity Cost
Inefficient
19
Why is Specialization important for businesses?
Increase the Standard of Living
Leads to economic growth
It increases Productivity
All of the above
20
If a person wants to buy a CD, but can only by one. They chose CD A instead of CD B, then...
CD A is the Opportunity Cost
CD B is the Trade Off
CD B is the Opportunity Cost
CD A is the Trade Off
21
Point A is.....
Inefficient
Unattainable
Impossible
Efficient
22
At what point should a person rationally STOP eating cookies?
2
4
3
1
23
Which scenario would cause the PPC to shift to the left
An increase in technology and resources
Marginal Cost outways the Marginals Benefit
The opportunity cost is the greater from point A to point B
A decrease in technology and resources
24
What is the definition of economics?
How people spend and use money
How people and societies deal with scarcity
How resources are made into a product
The opportunity cost
25
If a factory owner uses some of her profits to purchase new machinery, she is investing in
Output
Capital
Land
Labor
26
What are the two characteristics of purely public good?
excludable and rival
excludable and non-rival
non-excludable and rival
Non-excludable and non-rival
27
Why is productivity important to economic growth?
All of the options
It increase the Standard of Living
people become more efficient
People work harder
28
What is the Production Possibilities Curve?
A limited amount of goods and services
Goods and services
Only some of the G&S we can produce
All the G&S we can produce
29
How do we invest in human capital?
Health Care
Bonuses
All of the above
Job Training
30
What is the trade-off?
The cost of the next best alternative
time
scarcity
The next best alternative
