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Economics > Quiz 3 > Flashcards

Quiz 3 Flashcards

1
Q

Necessities for survival

A

Needs

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2
Q

Things we desire

A

Wants

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3
Q

Limited quantities of resources

A

Scarcity

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4
Q

Physical objects

A

Goods

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5
Q

One person performs for another

A

Service

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6
Q

A good or service is unavailable

A

Shortage

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7
Q

Human-made goods that are used to produced other goods

A

Physical capital

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8
Q

Skills and knowledge gained by a worker through education and experience

A

Human capital

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9
Q

Ambitious leader

A

Entrepreneur

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10
Q

Number one reason why people want to own a business

A

To be their own boss

Freedom

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11
Q

An alternative that we sacrifice when we make a decision

A

Trade-off

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12
Q

The most desirable alternative given up as the result of a decision

A

Opportunity cost

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13
Q

Deciding whether to do or use one additional unit of some resource

A

Cost benefit analysis

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14
Q

The government can’t control what you buy they regulate it

A

Free market

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15
Q

Person or group of people living in the same residence

A

Household

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16
Q

Organization that uses resources to produce a product

A

Firm

17
Q

Firm

A

Inc
LLC
Soleprop

18
Q

Inc

A

Incorporation
Best legal protection sell share/bonds
Business and person are separate
Legal protection

19
Q

LLC

A 
Limited liability corporation 
Smaller businesses 
Less reporting 
Less government
Business and person are separate
20
Q

Sole prop

A

Product of some sort, not lots of $$$, assume all liability
Loses everything
The business is the person and the person is the business

Economics (10 decks)

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