Flashcardizz - Final - Unit 1 Economics Study Guide

Front

Scarcity is a problem because human wants are unlimited while resources are limited

Back

Scarcity arises from the imbalance between unlimited human wants and limited resources.

Front

Which of the following is true of resources? Resources are inputs used to produce goods and services. Labor is the mental and physical capacity of workers to produce goods and services. Entrepreneurship organizes resources to produce goods and services. All of these are true.

Back

All of these are true.

Front

Which of the following is NOT an example of a factor of production? A forest. A computer program. A labor leader. Dollars.

Back

Dollars.

Front

An economics textbook is an example of:

Back

capital.

Front

The central question in economics is how to: deal with the problem of scarcity.

Back

deal with the problem of scarcity.

Front

Which of the following is not a resource? Land, Labor, Money, Capital

Back

Money

Front

An entrepreneur is:

Back

the person who conceives and starts a business.

Front

Because of the problem of scarcity, each economic system must make which of the following choices? How to produce? What to produce? For whom to produce?

Back

All of these.

Front

The highest valued alternative that must be given up in order to choose an option is called the:

Back

opportunity cost.

Front

Which of the following is true of the production possibilities curve? Any point inside the curve is inefficient, and any point outside the curve is unattainable.

Back

Any point inside the curve is inefficient, and any point outside the curve is unattainable.