21 Questions
What are the three types of resources that are the basis for producing goods and services?
Natural resources, capital goods, and human resources
What is the production possibilities curve?
The maximum amount of two different goods that can be produced during any particular time period using society's scarce resources
What is opportunity cost?
The best alternative that is forgone to produce or consume something else
What are consumer goods?
Goods that are purchased by consumers
What are public goods?
Goods provided by the government
What determines economic distribution?
Prices determined by demand and supply
What is the purpose of the production possibilities curve?
To help us understand the opportunity cost of producing one good over another
What are the three types of resources that form the basis for producing goods and services?
Natural resources, capital goods resources, and human resources
What does the production possibilities curve show?
The maximum amount of two different goods that can be produced during any particular time period using society's scarce resources
What is opportunity cost?
The best alternative that is forgone to produce or consume something else
What is the difference between consumer goods and capital goods?
Consumer goods are goods that are purchased by consumers, while capital goods are goods used to produce other goods
What determines economic distribution?
Prices determined by demand and supply
What is the primary factor that leads to economic growth?
An increase in the quality or quantity of society's resources, or the development of new technologies
What are public goods?
Goods provided by the government
What is the basis for producing goods and services?
Natural resources, capital goods resources, and human resources
What is the production possibilities curve?
The maximum amount of two different goods that can be produced during any particular time period using society's scarce resources
What is opportunity cost?
The best alternative that is forgone to produce or consume something else
What are consumer goods?
Goods that are purchased by consumers
What are public goods?
Goods provided by the government
What is economic distribution based on?
Prices determined by demand and supply
What is the purpose of the production possibilities curve?
To help us understand the opportunity cost of producing one good over another
Study Notes
Introduction to Economics and Scarcity Resources
- Natural resources, capital goods resources, and human resources are the basis for producing goods and services.
- These resources are scarce, which forces society to make choices among competing uses.
- Production possibilities curve shows the maximum amount of two different goods that can be produced during any particular time period using society's scarce resources.
- Assumptions about the economy include full use, efficient use, no change in the quantity and quality of resources, and no technological change.
- Opportunity cost is the best alternative that is forgone to produce or consume something else.
- Unemployment results in unused resources and reduced production.
- Economic growth occurs if the quality or quantity of society's resources increases, or if new technologies are developed.
- Consumer goods are goods that are purchased by consumers, while capital goods are goods used to produce other goods.
- Public goods are provided by the government, while private goods are provided by businesses.
- Economic distribution is based primarily on prices determined by demand and supply.
- The costs of unemployment are not limited to personal hardships, but also affect the nation and the world as a whole.
- The production possibilities curve helps us understand the opportunity cost of producing one good over another.
Introduction to Economics and Scarcity Resources
- Natural resources, capital goods resources, and human resources are the basis for producing goods and services.
- These resources are scarce, which forces society to make choices among competing uses.
- Production possibilities curve shows the maximum amount of two different goods that can be produced during any particular time period using society's scarce resources.
- Assumptions about the economy include full use, efficient use, no change in the quantity and quality of resources, and no technological change.
- Opportunity cost is the best alternative that is forgone to produce or consume something else.
- Unemployment results in unused resources and reduced production.
- Economic growth occurs if the quality or quantity of society's resources increases, or if new technologies are developed.
- Consumer goods are goods that are purchased by consumers, while capital goods are goods used to produce other goods.
- Public goods are provided by the government, while private goods are provided by businesses.
- Economic distribution is based primarily on prices determined by demand and supply.
- The costs of unemployment are not limited to personal hardships, but also affect the nation and the world as a whole.
- The production possibilities curve helps us understand the opportunity cost of producing one good over another.
Introduction to Economics and Scarcity Resources
- Natural resources, capital goods resources, and human resources are the basis for producing goods and services.
- These resources are scarce, which forces society to make choices among competing uses.
- Production possibilities curve shows the maximum amount of two different goods that can be produced during any particular time period using society's scarce resources.
- Assumptions about the economy include full use, efficient use, no change in the quantity and quality of resources, and no technological change.
- Opportunity cost is the best alternative that is forgone to produce or consume something else.
- Unemployment results in unused resources and reduced production.
- Economic growth occurs if the quality or quantity of society's resources increases, or if new technologies are developed.
- Consumer goods are goods that are purchased by consumers, while capital goods are goods used to produce other goods.
- Public goods are provided by the government, while private goods are provided by businesses.
- Economic distribution is based primarily on prices determined by demand and supply.
- The costs of unemployment are not limited to personal hardships, but also affect the nation and the world as a whole.
- The production possibilities curve helps us understand the opportunity cost of producing one good over another.
Test your knowledge on the fundamental concepts of Economics and Scarcity Resources with this quiz. Gain insights on the basis for producing goods and services, the impact of resource scarcity on society, and the production possibilities curve. Explore assumptions about the economy, opportunity cost, unemployment, economic growth, and economic distribution. Test your understanding of consumer goods, capital goods, public goods, and private goods. Discover the costs of unemployment and how the production possibilities curve helps us understand opportunity cost. Take this quiz and enhance
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
