Economics Basic Principles Flashcard

Front

What is the fundamental problem of economics?

Back

How to fulfill our unlimited wants and needs with limited resources?

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? Options: What goods should be produced ?, How should the goods be produced?&, Who gets to consume the goods? 

Back

What is the price of the goods?

Front

Opportunity Cost is best defined as

Back

The best rejected alternative you give up when making a decision

Front

Which of the following would be an example of human capital? The amount of workers who work in a Nike factory, The skills of the shoe designers at Nike, Philip Knight, the CEO of Nike, The land that the Nike headquarters is located on in Beaverton Oregon

Back

The skills of the shoe designers at Nike

Front

Soil, minerals, air, water, and coal are all examples of

Back

natural resources

Front

A person that takes a risk by starting a new business.

Back

entreprenuer

Front

In economic terms, Johnny is facing the problem of: Shortage, Scarcity, Unemployment, Marginal costs

Back

Scarcity

Front

What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.?

Back

Losing one hour of sleep

Front

The difference between a good and a service is that:

Back

Goods are tangible and services are not

Front

What is the major difference between scarcity and a shortage?

Back

Shortages are temporary and scarcity always exist.