Econ flashcard 1

Front

Which of the following is an example of Physical Capital: Raw materials used in production., Machinery or equipment used in production., Intellectual property rights for products., Labor costs associated with production.

Back

Machinery or equipment used in production.

Front

When making a decision, the next best alternative that you gave up is called

Back

opportunity cost

Front

Lotteries, price, majority rule, force, and contests are all methods commonly used to

Back

make decisions or allocate resources

Front

What is opportunity cost?

Back

Opportunity cost is the value of the next best alternative that is given up when a choice is made.

Front

If you decide to go to the gym, what is your opportunity cost?

Back

Going for a bike ride

Front

Natural gas is often used as a resource in power plants to generate electricity. In economic terms, natural gas would be considered as

Back

Land

Front

What is physical capital?

Back

Physical capital is the tangible assets(Tools, Machines, Buildings Ect.) used in production.

Front

Economics is the study of:

Back

the allocation of scarce resources to satisfy needs and wants

Front

What is human capital?

Back

Human capital is the collective skills, knowledge, and experience of individuals that contribute to economic value.

Front

Which of the following is an investment in human capital? Real estate purchases, Stock market investments, Cryptocurrency trading, Education and training programs

Back

Education and training programs