Economics Final Review 1

Front

What are the factors of production?

Back

Land, labor, capital, entrepreneurship

Tags

DOK 1

Factors of Production

Front

In the production of loaves of bread, which best represents the factor 'land'? Options: The flour used in the dough, The retailer who sells the bread, The oven used to bake the bread, The entrepreneur who started the company

Back

The flour used in the dough

Tags

DOK 1

Factors of Production

Front

What is the person who takes the initiative to create or start a company, often risking their own money, called?

Back

Entrepreneur

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DOK 1

Factors of Production

Front

Due to scarcity you must make decisions, when you make a decision what is your next best alternative called?

Back

Opportunity costs

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DOK 1

Opportunity Cost & Tradeoffs

Front

People’s education, skills/abilities, health, and motivation are all part of _________ capital.

Back

Human

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DOK 1

Factors of Production

Front

Due to scarcity you must make decisions, when you make a decision what are ALL of the possible alternative decisions you could have made called?

Back

Trade-offs

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DOK 1

Opportunity Cost & Tradeoffs

Front

According to marginal analysis when should you make a decision?

Back

when the benefits outweigh the costs

Tags

DOK 1

Marginal Analysis

Front

Which of the following best describes marginal benefit?

Back

The additional benefit you receive from performing one more action

Tags

DOK 1

Marginal Analysis

Front

Which of the following best describes marginal cost?

Back

The additional expenses or effort you expend when performing one more action

Tags

DOK 1

Marginal Analysis

Front

Which of the following is the best example of an implicit cost? Options: The price of a movie ticket., The homework you could have completed instead of going to see a movie, The cost of fuel to drive to the movie theater, The cost of popcorn and a drink.

Back

The homework you could have completed instead of going to see a movie

Tags

DOK 2

Implicit Cost