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Introduction to Economics Flashcards | StudBud
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Introduction to Economics
Introduction to Economics
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1
Two friends decide to start selling their drone camera aerial footage. Which economic question have they answered?
How to produce?
For whom to produce?
How much to produce?
What to produce?
2
Opportunity cost refers to
the dollar amount attached to a good or service.
the cost of labor when production is expanded or changed.
the cost of not expanding production.
the value of the next best alternative.
3
Economics is best defined as the study of how societies deal with
the problem of scarcity.
the paradox of wealth.
the factors of production.
the division of labor.
4
The South's rainy season is an example of which factor of production?
Labor
Land
Entrepreneurs
Capital
5
How many distinct factors of production do economists recognize?
4
3
2
1
6
Which statement below best answers the economic question "How to produce"?
An artisan uses local wood from a sustainable tree farm to make products.
An artisan sells their products at art shows, online, and by word of mouth.
An artisan crafts wooden figurines, toys, and games.
An artist sells their products for prices ranging between 20 and 500.
7
Which product is an example of a capital good?
New pillows for a bed
Computer to track online sales
Stock in a coffee company
Pencils for homework
8
When you need to evaluate the costs and benefits of each choice to decide which meets your criteria. These are called
resource frontier
opprotunities
priorities
trade-offs
9
A computer used to produce magazine articles is an example of which factor of production?
Capital
Land
Entrepreneurs
Labor
10
Which product is an example of a consumer good?
Dog food for a pet boarding facility
Gallon of milk to use in a bowl of cereal
Paint sprayer for an auto body shop
Stock share in a tech company
11
Consumers are powerful because
They have more rights than corporations.
They drive decisions about what to produce.
They help decide a business's opportunity costs.
Their interests force producers to behave ethically.
12
Which of the factors of production involves taking risks and combining resources to produce a good or service?
labor
land
capital
entrepreneurs
13
Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor. Dave is participating in
the product market.
entrepreneurship
the factor market.
human capital.
14
Societies are faced with which three basic questions about production of goods?
what, how, and why
when, where, and for whom
what, where, and when
what, how, and for whom
15
Which type of market is the one in which a person buys their favorite breakfast sandwich at a fast-food drive thru?
Factor market
Closed market
Product market
Financial market
16
Which of the following descriptions best explains the meaning of opportunity cost?
the cost of choosing one alternative over another
the initial cost of starting a new business
the risk associated with producing a new item
the cost of business failure
17
The manager of a car repair shop is an example of which factor of production?
Land
Labor
Entrepreneurs
Capital
18
Dorian owns a farm & sells potatoes localy to resturants & stores. Which phrase describes this info about his business?
Consumer in the product market
Consumer in the factor market
Supplier in the financial market
Supplier in the factor market
19
A developer of a new smartphone is an example of which factor of production?
Capital
Entrepreneurs
Land
Labor
20
Which type of market is the 1 in which a fast-food company buys the eggs to make a person's favorite breakfast sandwich?
Financial market
Product market
Factor market
Closed market
