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Introduction to Economics and Business Flashcards | StudBud
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Introduction to Economics and Business
Introduction to Economics and Business
10 terms
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StudBud Administration
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A short quiz on Economics and Business Concepts
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
Labour is any physical and mental work...
True
False
2
Which of the following is NOT a factor of production?
Entrepreneurship
Land
Capital
Technology
3
If supply remains the same, but demand goes up, the price will go?
stay the same
Down
Up
what?
4
The study of how people choose to use scarce resources to satisfy wants and needs is...
the circular flow model
economics
entrepreneurship
supply and demand
5
A cow in a dairy farm is what factor of production?
Land
Capital
Money
Animals
6
The condition that exists when unlimited wants meets limited resources is called...
Economics
Scarcity
Interdependence
Factors of production
7
Which of the following is one of the 3 basic economic questions?
Why will it be produced?
How much will it cost?
Who will wear it?
How will it be produced?
8
So...does money really make the world go round?
Nah, because (insert answer here)
Yeh, you need it.
You need it, but there's more important things
Nah
9
Opportunity cost is...
The alternative choice you gave up
The same choice as before
The opportunity to barter the cost
All of the choices
10
Healthcare is an example of
Services
capital
Goods
government
