Increasing the number of laborers in an economy generally causes a(n)

increase in the production possibilities curve

Every decision involves trade-offs because

everyone's resources are limited

An example of a shortage is limited amount of food available because the trucks carrying it are on strike.

food available because the trucks carrying it are on strike

Why is there no such thing as a Free Lunch?

No matter what someone is giving up something (Time, $, etc.)

Which of the following makes someone an entrepreneur? Earning a lot of money as a computer programmer, becoming a highly paid dancer, Taking an economics class, Running a service that hires people to install sprinklers in lawns

Running a service that hires people to install sprinklers in lawns

All of the following are trade-offs for a student who spends a semester abroad EXCEPT: eating all of their favorite foods, seeing friends from home daily, experiencing the culture of another country, missing family activities at home

experiencing the culture of another country

Which is the most accurate definition of the study of economics? Economics is the study of

the choices we make to satisfy our wants and needs

the skill and knowledge of workers

What is the difference between an entrepreneur and an intrapreneur?

An entrepreneur is an innovator who starts his or her own company while an intrapreneur is an innovator who works with a company to make an improvement or change.

Unit 1: What is Economics? Flashcards

Student preview

30 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What factor of production is: Economics Classroom?

Back

Physical Capital

2.

FLASHCARD QUESTION

Front

What factor of production is: Sugar Cane?

Back

Land

3.

FLASHCARD QUESTION

Front

What factor of production is: I heart Zupan T-shirts?

Back

Physical Capital

4.

FLASHCARD QUESTION

Front

What factor of production is: Field Hockey Practice?

Back

Human Capital

5.

FLASHCARD QUESTION

Front

What factor of production is: Iron worker?

Back

Labor

6.

FLASHCARD QUESTION

Front

What factor of production is: Bulldozer?

Back

Physical Capital

7.

FLASHCARD QUESTION

Front

What factor of production is: Student?

Back

Human Capital

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