Introduction to Economics

Front

Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.

Back

Limited

Front

What are the factors of production? Options: Land, Technology, Dirt, Resources; Land, Labor, Capital, Entrepreneurship; Land, Labor, Entrepreneurship; Resources used in the production of only services

Back

Land, Labor, Capital, Entrepreneurship

Front

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

Back

Opportunity Cost

Front

What would be an example of a capital resource?

Back

school building

Front

Economics is the study of: How people make money through business, How people start businesses, How people use scarce resources to satisfy their wants, How people divide objects into land, labor or capital

Back

How people use scarce resources to satisfy their wants

Front

What do governments provide for the market?

Back

public goods & services

Front

The rivalry between sellers to get more customers by lowering costs & better goods/services

Back

competition

Front

The arrows 1 to 2 in this diagram represent which aspect of the economy? Options: goods and services flow, money flow, taxes, factors of production

Back

money flow

Front

The circular flow model of a market economy shows: how profits are made, what inputs are required for what outputs, how many firms can support the needs of how many households, the interactions between households and  firms in the free market

Back

the interactions between households and  firms in the free market

Front

Goods and services are sold in the ___ market

Back

Product