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VCE Unit 1 Economics getting back into it Flashcards | StudBud
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VCE Unit 1 Economics getting back into it
VCE Unit 1 Economics getting back into it
18 terms
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StudBud Administration
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65 plays
Start of year quiz
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
This Brexit campaign in the UK was using the concept of...?
Scarcity
The Basic Economic Problem
Opportunity Cost
Choice
2
What key term does this image represent?
Production Possibility
Scarcity
Opportunity Cost
Choice
3
What is the definition of opportunity cost?
The value of the identical alternative forgone
The value of the immediate alternative forgone
The value of the very best alternative forgone
The value of the next best alternative forgone
4
Why is it a problem that there are scarce resources?
there are infinite wants
Everything is non renewable
there is not a problem
Population Size
5
What kind of capital is another name for labour?
Human Capital
People Capital
Worker Capital
Labour Capital
6
Which of the following is a want?
Housing
Hair straightener
Shoes
Water
7
Entrepreneurship refers to the mental and physical effort by humans in the production process
True
False
8
Land is defined as . . . .
Soil used in farming.
Natural resources used in production.
What buildings are built on
Farms used in agriculture or production.
9
'Capital' in economics is defined as . . .
The amount invested in the firm.
The amount borrowed by the firm.
The cash in bank a firm has.
The man-made things used in production.
10
The basic economic problem. What is it that makes this problem ‘basic’?
It is the most urgent target of government economic policy.
It affects all economies and individuals.
Its the production of raw materials in the primary sector.
It only affects low-income developing economies.
11
All rational economic agents seek to _______ their opportunity costs
flatten
minimise
enlarge
maximise
12
Who does relative scarcity affect?
Income earners
All of the above
Consumers
Producers
13
Which branch of economics is about fact-based statements?
Normative economics
Macroeconomics
Positive economics
Microeconomics
14
A resource (AKA a factor of production) is...
used in the production of goods
used in the production of services
used in the production of things that are useful
used in the production of goods and services
15
Sajani makes baskets. She buys a car for delivery. Which factor of production increases?
Land
Enterprise
Labour
Capital
16
Which of the following is NOT a renewable resource?
Tidal
Hydroelectric Power
Natural Gas
Geothermal
17
Economic activity takes place to improve:
Both material and non-material standards of living
non-material standards of living
Our wealth
Material standards of living
18
What resources (AKA factors of production) are in the image?
Land, Labour
Land, Labour, Capital
Entrepreneur, Land, Labour
Labour, Capital
