Economic basics
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| Economics is the science that studies _____ in a world of scarcity. | show 🗑
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| show | Opportunity cost
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| _____________ is the branch of economics that deals with human behavior and choices as they relate to the entire economy. | show 🗑
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| show | Scarcity
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| show | land
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| show | wages
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| show | profits
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| show | choices
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| show | renewable
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| show | sunk
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| show | free
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| An example of a _______________ (good or service) would be teaching. | show 🗑
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| show | Capital goods
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| show | exhaustible land
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| show | entrepreneur
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| show | factors of production (also called inputs and productive resources)
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| show | labor
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| show | self-interest
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| show | normative
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| The statement "Mr. Frost is a teacher" is an example of __________________ analysis. | show 🗑
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| ____________________ focuses on the economic behavior of individuals or individual markets, but not on the economy as a whole. | show 🗑
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| show | good
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| show | land, labor, capital, and entrepreneurship
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| show | Markets
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| _______________ analysis is a statement of opinion and states what "should be." | show 🗑
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| _________________ analysis is a statement that can be supported by facts and states "what is." | show 🗑
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| show | microeconomics; macroeconomics
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| show | entrepreneurship
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| show | land (natural resources)
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| show | capital
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| show | labor (human resource)
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| show | True
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| Labor earns ____________ , land earns ____________ , capital earns ________________ , while entrepreneurship earns ____________________. | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
teacherdavidfrost
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