Intro to Econ

Front

What is economics?

Back

The study of how people choose to use limited resources.

Front

Economics is all about money.

Back

False

Front

Which of the following is a characteristic of a scarce resource? Scarce resources must be expensive, Scarce resources must be unlimited in quantity, Scarce resources must have only one use, Scarce resources must be desirable

Back

Scarce resources must be desirable

Front

What is scarcity?

Back

The problem of unlimited wants and limited resources

Front

"Gold" is an example of which factor of production?

Back

Land

Front

A pickaxe is an example of which factor of production? Options: Land, Labor, Capital, Entrepreneurship

Back

Capital

Front

A mine worker is an example of which factor of production?

Back

Labor

Front

What is the value of the next-best alternative when you make a trade-off?

Back

Opportunity Cost

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats