Economics Final Exam Flashcard

Front

Scarcity is best defined as

Back

The fact that people have unlimited wants but limited resources

Front

Economics may best be defined as a: Study of choices people make in light of their desire for unlimited wants but the reality of limited resources

Back

Study of choices people make in light of their desire for unlimited wants but the reality of limited resources

Front

Which of the following is the best definition of a need?
Options:
The paradox of value,
A synonym for a want,
The tradeoff construed when measuring opportunity cost,
A fundamental necessity for life

Back

A fundamental necessity for life

Front

One example of an entrepreneur is

Back

A computer engineer that starts their own social media company.

Front

What is the opportunity cost of a decision?

Back

The most desirable/ valued alternative forgone (given up) in light of the decision made.

Front

The fundamental problem facing all people is scarcity, which is defined as

Back

Unlimited wants, but limited resources to satisfy those wants

Front

All of the following are goods EXCEPT: iPad, television program, desk, shoes

Back

television program

Front

All of the following would most likely be considered needs in the United States EXCEPT: Food, Water, Breathable air, Designer clothing

Back

Designer clothing

Front

An office building is an example of

Back

Physical capital

Front

Which list contains the four factors of production?

Back

Land, labor, capital, entrepreneurial skills