Nature of economics quiz

quick quiz about the nature of economics

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  • Created by: Lottie
  • Created on: 19-12-11 16:10
Why is there a problem of scarcity?
Insufficient resources to provide for unlimited human wants
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What is the opportunity cost?
next best alternative forgone
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What does CELL stand for in terms of factors of production
Capital,enterprise,land, labour
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Can renewable stock be maintained over a period of time?
True
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Can non renewable stock be maintained over a period of time?
False
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What does a PPF show?
maximum potential level of output for 2 goods/ services that an economy can achieve when all it
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Can a PPF demonstrate opportunity cost?
True
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What does an outward shift in a PPF represent?
economic growth: increased quantity/qaulity of resources, training schemes, new technology
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What does an inward shift in a PPF represent?
decreased economics growth: war/natural disaster where many resources are destroyed
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What is specialisation?
when a firm/individual concentrates on producing a limited range of goods/services which if there is little demand can result in unemployment
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What is division of Labour?
individuals concentrating on one good or service which results in different tasks for each worker
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Are advantages of division of labour: you get highly skilled workers, capital equipment can be used continously, no time is wasted, no training involved and there is more choice of jobs?
True
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What are disadvantages of division of labour?
there is boredom which results in high tunover of staff, it is easier to replace labour with machines, if there is a strike all production has to stop
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positive statements include facts and can be backed up, normative statements are value judgements?
True
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Other cards in this set

Card 2

Front

What is the opportunity cost?

Back

next best alternative forgone

Card 3

Front

What does CELL stand for in terms of factors of production

Back

Preview of the front of card 3

Card 4

Front

Can renewable stock be maintained over a period of time?

Back

Preview of the front of card 4

Card 5

Front

Can non renewable stock be maintained over a period of time?

Back

Preview of the front of card 5
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Comments

Zoeeee

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thank you :) tested my knowledge. :)

izzy

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great quiz

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