Economics Final Exam Review

Front

___________________ forces us to make choices. It occurs because people have unlimited wants and limited resources.

Back

scarcity

Front

______________, __________________, ____________________ & __________________ are known as factors of production. These are the resources that are scarce.

Back

land, labor, capital, entrepreneurship

Front

______________ refers to the work that individuals due for which they are paid.

Back

labor

Front

______________ refers to both physical and human resources that businesses uses to produce a product.

Back

capital

Front

________________ _______________________ is the thing that we give up when we make a choice. It is the next-best alternative.

Back

opportunity cost

Front

A ________________ __________________ ____________________ occurs when the marginal benefits of a choice are greater than the marginal costs.

Back

rational economic decision

Front

_________________________ happens when a person becomes an expert in one task or job. When workers do this, they work more efficiently.

Back

specialization

Front

________________________ is defined as the relationship between inputs and outputs. When output increases while using the same number of inputs, this will increase.

Back

productivity

Front

Individuals own the means of production in a _____________________ economy.

Back

market

Front

The government owns the means of production in a ________________ economy.

Back

command