Economics Final Review

Front

What is opportunity cost?

Back

The cost or value of the other alternatives when one alternative is chosen

Front

What do economists mean by the term "scarcity"?

Back

Having too few or too little of resources

Front

The production possibilities curve is an illustration of what?

Back

Opportunity costs and trade-offs

Front

What are the 4 factors of production?

Back

Land, Labor, Capital, Entrepreneurs

Front

What is Economics?

Back

The study of the choices people make to satisfy their unlimited wants and needs.

Front

Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.

Back

Limited

Front

The factor of production that includes natural resources is known as:

Back

Land

Front

Why do entrepreneurs take risks?

Back

to earn a profit for themselves

Front

Economics can be described as the study of

Back

Choices

Front

People who buy goods and services?

Back

Consumers