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Economics: Chapter 1 Flashcards | StudBud
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Economics: Chapter 1
Economics: Chapter 1
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QUICK QUIZ ON ECONOMICS CHAPTER 1
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
THE MANUFACTURED GOODS USED TO MAKE OTHER GOODS AND SERVICES
LABOR
SCARCITY
CAPITAL
TRADE OFF
2
PEOPLE DO NOT HAVE ENOUGH RESOURCES TO SATISFY THEIR WANTS.
TECHNOLOGY
LAND
TRADE OFF
SCARCITY
3
THE PRODUCTION AND DISTRIBUTION OF GOODS AND SERVICES IN A SOCIETY.
ECONOMY
CAPITAL
ENTREPRENEURSHIP
LAND
4
LAND, LABOR, CAPITAL, ENTREPRENEURSHIP
ENTREPRENEURSHIP
SCARCITY
CAPITAL
FACTORS OF PRODUCTION
5
NATURAL RESOURCES PRESENT WITHOUT HUMAN INTERVENTION
ECONOMY
TRADE OFF
FACTORS OF PRODUCTION
LAND
6
THE ABILITY OF INDIVIDUALS TO START NEW BUSINESSES
ECONONY
CAPITAL
ECONOMICS
ENTREPRENEURSHIP
7
THE STUDY OF HOW WE USE LIMITED RESOURCES TO FULFILL OUR UNLIMITED WANTS
LAND
SCARCITY
ECONOMICS
FACTORS OF PRODUCTION
8
SACRIFICING ONE GOOD OR SERVICE TO PURCHASE OR PRODUCE ANOTHER
ENTREPRENEURSHIP
TRADE OFF
CAPITAL
LABOR
9
THE WORK PEOPLE DO
LABOR
ENTREPRENEURSHIP
TECHNOLOGY
CAPITAL
10
ADVANCE IN KNOWLEDGE LEADING TO NEW AND IMPROVED GOODS AND SERVICES.
TECHNOLOGY
ENTREPRENEURSHIP
CAPITAL
LABOR
