Economics Flashcard

Front

What is scarcity?

Back

The unlimited wants and limited resources

Front

Which of the following best describes opportunity cost? The money spent on a decision, The benefits of the best alternative forgone, The amount of money needed to start a business, The amount of time spent making a decision

Back

The benefits of the best alternative forgone

Front

Which of the following is NOT a factor of production? Labor, Capital, Government policy, Land

Back

Government policy

Front

What is the key difference between physical and human capital?

Back

Physical capital is human-made objects, and human capital is the skills and knowledge of workers.

Front

Which economic system promotes the most competition? Options: Traditional Economy, Command Economy, Market Economy, Mixed Economy

Back

Market Economy

Front

In which economic system do consumers have the most power?

Back

Market Economy

Front

What is specialization in economics?

Back

When workers focus on one task to increase efficiency

Front

What does a point on the PPC (Production Possibility Curve) represent?

Back

The maximum possible production combinations of two goods

Front

What is the key difference between net pay and gross pay?

Back

Net pay is after taxes, gross pay is before taxes

Front

What is a W-4 form used for?

Back

Determining your tax withholding allowances