Chapter 2 in Economics – Flashcards
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Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
question
Interest
answer
It is the income payment for capital
question
Entrepreneur
answer
He is someone who combines land, labor, and capital to produce goods and services.
question
Entrepreneur
answer
He is the one who assumes the risks in the quest for profit
question
Entrepreneur
answer
He is also the manager, the supervisor, or the innovator and also thd risk-bearer
question
Normal profit
answer
It is the income payment for entrepreneurs
question
Nomal profit
answer
It is always positive
question
Profit or pure profit
answer
It can be positive, negative or even zero
question
Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
question
Interest
answer
It is the income payment for capital
question
Entrepreneur
answer
He is someone who combines land, labor, and capital to produce goods and services.
question
Entrepreneur
answer
He is the one who assumes the risks in the quest for profit
question
Entrepreneur
answer
He is also the manager, the supervisor, or the innovator and also thd risk-bearer
question
Normal profit
answer
It is the income payment for entrepreneurs
question
Nomal profit
answer
It is always positive
question
Profit or pure profit
answer
It can be positive, negative or even zero
question
Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
question
Interest
answer
It is the income payment for capital
question
Entrepreneur
answer
He is someone who combines land, labor, and capital to produce goods and services.
question
Entrepreneur
answer
He is the one who assumes the risks in the quest for profit
question
Entrepreneur
answer
He is also the manager, the supervisor, or the innovator and also thd risk-bearer
question
Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
question
Interest
answer
It is the income payment for capital
question
Entrepreneur
answer
He is someone who combines land, labor, and capital to produce goods and services.
question
Entrepreneur
answer
He is the one who assumes the risks in the quest for profit
question
Entrepreneur
answer
He is also the manager, the supervisor, or the innovator and also thd risk-bearer
question
Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
question
Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
question
Scarcity of resources
answer
The fundamental problem in economics
question
Book of Genesis
answer
The story of creation in which scarcity is not thr problem
question
Classification of resources
answer
Land, labor, capital, entrepreneur
question
Land and capital
answer
Non-human resources
question
Labor and entrepreneur
answer
Human resources
question
Cost of production
answer
The payment for the factors of production
question
Land
answer
It refers to God-given resources used in production.
question
Land
answer
It includes all natural resources, such as mineral deposits, water resources, wild animals and trees from the forest.
question
Rent
answer
Payment for the use of land
question
Labor
answer
It refers to the physical and mental exertions of man to produce goods and services.
question
Wages
answer
It is a general term used for the payment of labor
question
Capital
answer
It is a man-made resource used to produce other goods and services.
