Economics Flashcard

Front

What are the four factors of production?

Back

Land, labor, capital, entrepreneurship

Front

Which of the following is NOT a benefit a business will likely attain from physical capital? A. Increased productivity, B. Better entrepreneurial knowledge, C. Fewer natural resources are required, D. Lower costs

Back

Better entrepreneurial knowledge

Front

Why is there scarcity even in an affluent country like the United States?

Back

Resources are limited but wants are unlimited.

Front

Which of the following is an example of a land resource that a person who owns a restaurant would need? A. The servers who wait on customers, B. The farmer who grows the vegetables served at the restaurant, C. The water used for drinking and cleaning, D. The building where the restaurant is located

Back

The water used for drinking and cleaning

Front

Which of the following is true about the photo shown here? This man is improving his human capital by learning a skill, This man is using up his physical capital by working hard, This man is providing a service to the hospital, This man is gaining financial capital by working

Back

This man is using up his physical capital by working hard

Front

Which of the following is an example of scarcity rather than shortage? Extremely hot temperatures lead to increased air-conditioner use and power outages, There aren’t enough software engineers to fill all the job openings in Silicon Valley, Newly discovered Van Gogh paintings are put up for auction and sell for millions, During the holiday season, an outfitter runs out of skis.

Back

Newly discovered Van Gogh paintings are put up for auction and sell for millions

Front

Because of scarcity, every decision involves a

Back

trade-off

Front

An opportunity cost is

Back

the best alternative given up when a decision is made

Front

In a cost/benefit analysis, what would be the benefit of taking the Dallas North Tollway instead of Routes 75 and 380?

Back

That route would require less travel time.

Front

Based on this infographic, what is the marginal cost of building the 1001st toy in this factory?

Back

$2