Economics Basics
Flashcard
•
Specialty
•
11th Grade - University
•
Easy
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20 questions
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1.
FLASHCARD QUESTION
Front
The highest-valued alternative that must be given up when you make a choice.
Back
Opportunity Cost
2.
FLASHCARD QUESTION
Front
There are 4 _______________. They are land, labour, capital and entrepreneurship.
Back
Factors of Production
3.
FLASHCARD QUESTION
Front
A group of buyers and sellers which come together to trade
Back
Market
4.
FLASHCARD QUESTION
Front
Which of the following is an example of an investment in human capital? A company builds a new factory, A state puts in a new highway, A person goes to college, A country builds new schools
Back
A person goes to college
5.
FLASHCARD QUESTION
Front
An economy in which the government decides how ALL economic resources will be allocated i.e. North Korea
Back
Centrally Planned Economy
6.
FLASHCARD QUESTION
Front
Man-made resources used in the production process i.e. machines in a factory.
Back
Capital
7.
FLASHCARD QUESTION
Front
Income from sales (also known as revenue), minus the costs of running the business.
Back
Profit
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