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Thinking like an economist Flashcards | StudBud
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Thinking like an economist
Thinking like an economist
10 terms
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StudBud Administration
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11 plays
To introduce the basics of Economics
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
What, where, how, where and for whom are important in business but not in economics
True
False
2
Scarcity forces us to make choices, and every choice imposes costs known as
opportunity costs
indirect costs
accounting costs
direct costs
3
Economics is the study of
the government decision-making process
how to make money
how to operate a business
people making choices because of the problem of scarcity
4
Using PPF, unemployment is represented by a point located
inside the frontier
at the top of the frontier
outside
near the middle of the frontier
5
The factors of production are land, labour, capital and enterprise
True
False
6
Opportunity cost can be defined as
the $ direct and indirect costs of a decision
overhead costs
the accounting costs when one decision is made over another
the benefits you could have received by taking one action
7
A point outside the PPF shows
all answers are correct
not attainable by the economy
a point where resources are not available to the economy
an unattainable point
8
Opportunity cost
is the
cost
of an alternative that is forgone to pursue one act over another
True
False
9
Scarcity limits an economy to points on or below its PPF
False
True
10
Scarcity & choice are represented in a simple model known as
Phillips curve
Demand and supply
Factors of production
Production Possibility frontier
