Economics Flashcard

Front

The problem with scarce resources:

Back

Is that there are not enough resources to satisfy people’s unlimited wants

Front

Economics is best defined as the study of how:

Back

Individuals decide to use scarce resources in an attempt to satisfy their unlimited wants

Front

The four factors of production are:

Back

Land, labor, capital, entrepreneurship

Front

In economics, capital refers to:

Back

Machines, tools, buildings, knowledge

Front

Unlike a service, a good:

Back

Is physical and tangible

Front

Microeconomics is the study of:

Back

The economic behavior of individual decision-makers

Front

Which of the following is a major advantage of a sole proprietorship? Separation of ownership and control, Ease of start-up, Limited liability for business debt, Ease of obtaining financing, Continuity of ownership over time, even when the owner dies

Back

Ease of start-up

Front

Which form of business organization is most common in the United States? Options: Sole proprietorship, Partnership, Corporation, S-Corporation, Non-profit Organization

Back

Sole proprietorship

Front

If the price of sugar rises, what can we expect regarding the demand for honey?

Back

The demand for honey to rise

Front

A shortage of textbooks is most likely to cause:

Back

An increase in the price of textbooks