Increasing the number of laborers in an economy generally causes a(n)

increase in the production possibilities curve

Every decision involves trade-offs because

everyone's resources are limited.

An example of a shortage is limited amount of food available because the trucks carrying it are on strike.

food available because the trucks carrying it are on strike

Why is there no such thing as a Free Lunch?

No matter what someone is giving up something (Time, $, etc.)

Which of the following makes someone an entrepreneur? Earning a lot of money as a computer programmer, becoming a highly paid dancer, Taking an economics class, Running a service that hires people to install sprinklers in lawns

Running a service that hires people to install sprinklers in lawns

All of the following are trade-offs for a student who spends a semester abroad EXCEPT: eating all of their favorite foods, seeing friends from home daily, experiencing the culture of another country, missing family activities at home

experiencing the culture of another country

Name one similarity between entrepreneurs and intrapreneurs.

Both are independent and innovative thinkers.

What do we study in Economics?

People and the choices they make

Why does scarcity exist?

Our wants are unlimited but resources are limited

What is the primary characteristic of a point inside the production possibilities frontier?

Represents an inefficient use of resources

What is the primary characteristic of any point on the production possibilities curve?

Represents an efficient use of resources

Unit 1: What is Economics? Flashcards

Student preview

29 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What factor of production is: Economics Classroom?

Back

Physical Capital

2.

FLASHCARD QUESTION

Front

What factor of production is: Sugar Cane?

Back

Land

3.

FLASHCARD QUESTION

Front

What factor of production is: I heart Zupan T-shirts?

Back

Physical Capital

4.

FLASHCARD QUESTION

Front

What factor of production is: Field Hockey Practice?

Back

Human Capital

5.

FLASHCARD QUESTION

Front

What factor of production is: Iron worker?

Back

Labor

6.

FLASHCARD QUESTION

Front

What factor of production is: Bulldozer?

Back

Physical Capital

7.

FLASHCARD QUESTION

Front

What factor of production is: Student?

Back

Human Capital

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

21 questions

Java Flashcard-1

Flashcard

•

KG - University

20 questions

Overcoming Limiting Beliefs

Flashcard

•

11th Grade

25 questions

The Gospels Midterm Review

Flashcard

•

KG - University

29 questions

OMSIMGAMING

Flashcard

•

11th Grade

20 questions

BHS. INGGRIS KELAS 9

Flashcard

•

9th - 12th Grade

21 questions

PERMUTATION vs COMBINATION

Flashcard

•

10th Grade

20 questions

COMPARATIVE ADJECTIVES

Flashcard

•

University

Popular Resources on Wayground

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

14 questions

Boundaries & Healthy Relationships

Lesson

•

6th - 8th Grade

13 questions

SMS Cafeteria Expectations Quiz

Quiz

•

6th - 8th Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

12 questions

SMS Restroom Expectations Quiz

Quiz

•

6th - 8th Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

10 questions

Pi Day Trivia!

Quiz

•

6th - 9th Grade

Discover more resources for Social Studies

33 questions

Macroeconomics Test Review

Quiz

•

12th Grade

39 questions

Unit 7 Key Terms

Quiz

•

11th Grade - University

41 questions

Midterm Review 2025

Quiz

•

12th Grade

38 questions

Unit 6 Key Terms

Quiz

•

11th Grade - University

48 questions

Asia: Countries Map Test

Quiz

•

9th - 12th Grade

15 questions

Unit 6A WWI Vocab

Quiz

•

12th Grade

15 questions

Debt/Credit Assessment

Quiz

•

9th - 12th Grade

5 questions

8a- Qualifications for Congress

Lesson

•

9th - 12th Grade