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Economics quiz

Chapter one

Scarcity condition that results from society not having enough resources to produce all the things people would like to have.
Need a basic requirement for survival.
Land factor of production that includes natural resources not created by humans.
Capital factor of production that includes tools, equipment, machinery, and factories use in the production of goods and services.
Gross Domestic Product dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period.
Which of the following is NOT a basic economic question?The three basic questions are: WHEN to produceWHAT to produce; HOW to produce; and TO WHOM to produce.
What is the fundamental problem of economics? Scarcity
Which of the following lists the four factors of production? Land, Labor, Capital, and Entrepreneurs.
Which of the following is NOT a capital good? an oven at a bakery
The study of economics includes all the following EXCEPT Production
Good an item that is economically useful or satisfies an economic want
Service work that is performed for someone
Market location or other mechanism that allows buyers and sellers to exchange a certain economic product.
Productivity a measure of the amount of output produced by a given amount of inputs in a specific period of time.
Human Capital the sum of the skills, abilities, health, and motivation of people.
For something to have value, it must have utility.
Which of the following is an example of a service? haircut.
Which of the following is an example of a good? a car.
Specialization refers to performing one teask relatively more efficiently than another.
What is economic interdependence? people's reliance on each other to provide goods and services.
Opportunity Cost the cost of the next best aternative when a choice is made.
Production Possibilities Frontier diagram representing various combinations of goods and servicesd an economy can produce when all resources are fully employed.
Trade offs alternative choices
Free Enterprise Economy where consumers and privately owned businesses answer the three basic economic questions
Standard of Living the quality of life based on the possession of the necessities and luxuries that make life easier.
Which of the following best describes the relationship between trade offs and opportunity cost? opportunity costs are incurred when trade offs are made.
Imagine you decide to purchase a soccer ball for $35. Which of the following is an opportunity cost of your decision? something else that could have been brought
Which of the following is NOT a characteristic of a production possibilities frontier? it illustrates the concept of opportunity costs.
The study of economics helps people to become better decision makers, understand the free-enterprise system and make wise choices for political candidates.
Which of the following is NOT an example of economic decision making? taking small, incremental steps.
Created by: victoria18