Economics Exam Review

Any resources that are made by humans and used to create other goods and services are called _____

An example of a shortage is limited amounts of ______.

The resources used to make all goods and services are the ____.

The purpose of a production possibilities graph is to _____?

An efficient economy is one that ____.

The opportunity cost of a decision can be examined by using a ____.

Why are all goods and services scarce?

What is the opportunity cost of a decision?

What is a factory building an example of? Options: human capital, an economic trade-off, physical capital, technology

The lack of which of the following represents a scarcity? Options: orange juice because the trucks carrying it are on strike, enough workers to finish two jobs because there's a limited supply of workers, enough workers to work at night because the pay is too low, grapefruit juice because very few people want to buy it