Economics & Personal Finance FINAL Part 1

Front

What term refers to the principle that society has limited resources and therefore cannot produce all the goods & services people wish to have?

Back

scarcity

Front

Economics is the study of how society manages its unlimited wants and limited resources

Back

unlimited wants and limited resources

Front

In economics, the term "physical capital" refers to...

Back

buildings and machines used in the production process

Front

Which of the following is NOT a factor of production? Land, Labor, Human Capital, Money

Back

Money

Front

Which of the following is "human capital" necessary for producing a new video game?
Slaves,
Knowledge regarding programming languages,
Hammers & Screw Drivers,
Carrots

Back

Knowledge regarding programming languages

Front

Which of the following is an example of "land" necessary to produce "steel"? Options: Iron Ore, How should I know where they produce steel?, The Pittsburgh Steelers, Factories

Back

Iron Ore

Front

Today, the United States uses an economic system in which individuals make decisions about the "private property" they own, including the use of "money" as a medium for exchanging property. Based on this information, we can conclude that today the U.S. has a...

Back

Market Economy

Front

What type of economy involves a powerful government which owns all the "means of production" and makes all decisions regarding society's resources?

Back

Command Economy

Front

What is labor?

Back

People who do the work to produce something.

Front

What is entrepreneurship?

Back

Starting or improving a business.