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Duplicate of Macroeconomics Flashcards | StudBud

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Duplicate of Macroeconomics

14 terms·StudBud Administration

Basics of economics

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Questions 14

Answers

1
Which of these is a factor of production?
Opportunity cost
Capital
Scarcity
2
Which is a natural resource?
Horse
Timber
Oil
All of the above
3
People who create their own businesses are called what?
Producers
Entrepreneurs
Consumer
4
What is an Entreprenuer's main goal?
Make a profit
Causing other firms to exit the market
Engage in voluntary exchange
5
Utility means what?
The rate at which trade off exceeds the marginal cost of RDM
Usefulness
Supplies used to manufacture a good
6
A tractor is an example of which resource?
Natural
Human
Capital
7
Opportunity cost is a direct result of what?
Economics
Surplus
Scarcity
8
The way people in a state or country use resources to meet their needs
Environment
Government
Economy
9
Which group buys products?
Consumers
Servers
Producers
10
Opportunity Cost is
The next best alternative you give up when making a choice
The 4 Factors of Production
Study of how we make choices
11
Opportunity cost doesn't equal
Money
Satisfaction
The next best alternatives
12
Entrepreneurs strive to
Take risks
Make a profit
Be in charge
13
What is scarcity?
Limited resources available to meet unlimited wants and need
Making a choice between alternatives
the effects of additions and subtr from current conditions
14
Which is not a key economic assumption?
Situations cant always be represented in charts
Everyone acts rationally
Scarcity exists