Economics: Chapter 1

Front

Which of the following is one of the four factors of production? productivity, goods, entrepreneurship, services

Back

entrepreneurship

Front

As an economic term, land includes __________________.

Back

natural resources

Front

All economic choices involve _________________ .

Back

trade-offs

Front

What trade-off is involved when you buy a CD?

Back

exchanging money for goods

Front

Economic models are useful because they _________________?

Back

show the way people react to changes in the economy

Front

Which of the following is a visual aid that helps a business determine how best to use its resources?
opportunity cost,
trade-off,
production possibilities curve,
scarcity

Back

production possibilities curve

Front

Why can't economic models judge whether policies are good or bad?

Back

judgements depend on values

Front

These people take risks in order to reap profits. Options: Analysts, Stock brokers, Entrepreneurs, Economists

Back

Entrepreneurs

Front

To an economist, a want is _________________________.

Back

something other than a basic survival need

Front

Which of the following describes what economists do?
Options:
predict which policies will be good or bad
consider every detail of a problem
offer solutions to economic problems
rely on public opinion

Back

offer solutions to economic problems