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Economics
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Chapter One Lesson One Economics, Why we study.
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
what looney tune comic is this
That not a chicken, Now Thats a chicken
Yosemite Sam
fog horn leg horn
Taz
2
work performed by someone is a:
good
capitol
service
air
3
value of all final goods, services, and structures produced within a country’s national borders
GDP
STP
GNP
IRS
4
an intended use for a good is for the
I.R.S.
Foreigners
President
Consumer
5
satisfy seemingly unlimited & competing needs & wants with the careful use of scarce resources
Commerce
Industry
Economics
Business
6
combinations of goods and services an economy can produce with all productive resources employ
Production possibilities
reduction of services
impossible odds
anticipation of business
7
Non durable good lasts
less than 3 years
4 years
more than 3 years
less than 2 year
8
social movement that was aimed at promoting the interests of consumers
management
consumerism
economism
customer service
9
paper you read before enter into an agreement in which you check/ sign agreeing to their terms
all of the above
legal document
disclaimer
contract
10
made a money about
zombies
fishing
soccer
baseball
11
people with all their abilities and efforts
People
Labor
Immigrants
convicts
12
tools, equipment, and factories used in the production of goods and services;
products
Land
labor
capital
13
requirement for survival & something we would like to have
need want
want want
Yes & No
Need Need
14
this is the age old question that drives the economy?
who are we how did get here and what is our purpose
who what when where and why
For what how and whom do we produce for
ergo sum
15
society not having enough resources to produce all the things people would like to have.
Scarcity
Promotion
Price
Product
16
A
durable good
is one that lasts___ years
4
2
1
3
17
An example of capital
tools
scraps
hair
lint
18
best alternative use of money, time, or resources, when one choice is made rather than another
inopportune time
opportunity chance
opportunity cost
opportunity lost
19
300 Hundred Spartans
Mr. Traba
Samson
Agamemnon
Hercules
20
a good or service to be useful and give satisfaction to someone
billete
utility
gift card
a present
21
alternative that must be given up when one choice is made rather than another
trade off
trade-in
trade out
trade deficit
22
what is her name
Snoop
Demi Lovato
Beyonce
Adele
23
contradiction between high value of a nonessential item & the low value of an essential item
examples
Parafin
porky pig
paradox
24
sum of tangible economic goods that are scarce,useful & transferable from one person to another
Poor
Cost effective
Wealth
Intangible
25
100-100+50-50+25-25+10-10+1-1=
1
99
0
-1
26
introduce new products or services in search of profits;
proprietors
dealers
entrepreneurs
the rich
27
•predict what may happen in the future, including the most likely effects of different actions.
anticipation
prediction
clairvoyance
Projection
28
something that is expressed in dollars has
value
valor
nothing
tax
29
something that cannot be touched
Tangible
divisible
Invisible
intangible
30
Factors of production
machines, people and factories
land, capital, labor, and entrepreneurship
trains planes and automobiles
person, place, or thing