Economics: Choices & Scarcity

Front

Economics can be described as the study of:

Money

,

Choices

,

graphing

,

price ceilings and price floors

Back

Choices

Front

The condition of scarcity can be described as one that

Back

exists when our unlimited needs/wants exceed our limited resources

Front

FOP refers to

Back

Factors of Production

Front

The 4 Factors of Production (FOP) are

Back

land, labor, capital, entrepreneurship

Front

Why do entrepreneurs take risks?

Back

to earn a profit for themselves

Front

The crops and animals on a farm are examples of which factor of production?

Back

Land

Front

Opportunity cost (OC) can be described as: the number 2 alternative in your list of choices, the next best choice and one you didn't choose, your number 1 tradeoff when making a choice, your most desirable tradeoff.

Back

All of these answers are examples of opportunity cost (OC).

Front

Which description is most correct about opportunity cost (OC)?

Back

is inherent in all decisions/choices

Front

__________ is the fundamental, universal, and perpetual economic problem that no one is immune to.

Back

Scarcity

Front

3 types of capital

Back

physical capital, financial capital, human capital