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VMT's Basic Economic Concepts Flashcards | StudBud
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VMT's Basic Economic Concepts
VMT's Basic Economic Concepts
21 terms
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Questions
21
Answers
1
This picture illustrates what type of production?
primary
secondary
capital
tertiary
2
Consumers are .....
people that use goods and services
goods that satisfy wants
people that make goods and services
goods that satisfy needs
3
The value of the next best alternative when you make a decision is called...
economics
opportunity cost
scarcity
trade- off
4
Any work that people do to produce a good or service is...
capital
labour
entrepreneurship
land
5
Specialisation occurs because .......
limited means
all of the above
unlimited wants
scarcity
6
Water is an example of...
land
entrepreneurship
labor
capital
7
An office building is an example of...
land
labor
capital
entrepreneurship
8
What factor income does land earn?
rent
wages
interest
profit
9
Will you ace your up-coming economics test?
Of course!
Yes!
Without a doubt!
Duh!
10
The production of distribution of goods and services in a society is the definition of
economics
trade- offs
scarcity
economic systems
11
Machines are an example of...
land
labor
capital
entrepreneurship
12
Pūtake
means the following:
showing respect and aroha to others
caring for the environment
values, beliefs and customs
The origin or reason for being.
13
The basic economic problem that results from a having limited resources and unlimited wants is
opportunity cost
choices
marginal cost
scarcity
14
What factor income does capital earn?
profit
wages
interest
rent
15
What factor income does entrepreneurship earn?
interest
wages
rent
profit
16
What are the three basic economic questions?
where to produce; how to produce; for whom
what to produce; why to produce; for whom
why to produce; where to produce; what to produce
what to produce; how to produce; for whom
17
What factor income does labour earn?
interest
rent
wages
profit
18
The four factors of production are land, capital, entrepreneurship and...
natural resources
labor
mixed
market
19
The picture below is an example of ......
primary production
labour intensive production
capital intensive production
tertiary production
20
A person who starts a new business is a(n)...
entrepreneur
profit incentive
capitalist
businessman
21
This picture is an example of ......
goods
labour
natural resource
service
