Ch.1 The Fundamentals of Economics

Front

Scarcity can best be defined as

Back

Unlimited wants vs Limited resources

Front

Which of the following is NOT a consumer good? a bulldozer at a construction site, a Happy Meal at McDonalds, a pack of Doritos in a vending machine, a television set for sale at an appliance store

Back

a bulldozer at a construction site

Front

Which of the following resources would economists classify as “capital”? Raw Bauxite in a South African mine, A hammer used in framing a house, A worker hired to repair engines, Trees used to make paper

Back

A hammer used in framing a house

Front

The United States has decided to spend more money on military goods and less on education. What is the opportunity cost for spending more money on military goods?

Back

money to spend on education

Front

________ is the most basic economic problem.

Back

Scarcity

Front

Opportunity Cost is best defined as

Back

The best rejected alternative you give up when making a decision

Front

Which of the following statements is true: A trade off occurs when you give up something you want in order to get something else you want

Back

A trade off occurs when you give up something you want in order to get something else you want.

Front

Which of the following is a need? (clothes, car, job, smart phone)

Back

clothes

Front

The major types of resources used to make a product are called

Back

factors of production

Front

Limited resources available to satisfy unlimited wants & needs create

Back

scarcity