Economics Unit 1 Review

Front

A want is a...

Back

A desire that can be satisfied by consuming a good or service

Front

What is the difference between needs and wants?

Back

Needs are necessary for survival

Front

Economics is the study of how individuals and societies satisfy their unlimited wants with limited resources.

Back

How individuals and societies satisfy their unlimited wants with limited resources

Front

Which option below is NOT one of the Four Factors of Production? Land, Labor, Wants, Capital

Back

Wants

Front

Scarcity is...

Back

There are not enough resources

Front

An Opportunity Cost is....

Back

The value of something that is given up to get something else

Front

Incentives are...

Back

Benefits offered to encourage people to act in certain ways

Front

To Economize is to...

Back

Make decisions according to the best combination of costs and benefits

Front

A Production Possibility Curve is a graph used to illustrate...

Back

The impact of scarcity on the maximum amount of goods that can be produced

Front

What data is being represented in this Production Possibility Curve?

Back

Economic Growth