Economics Unit 1 Exam Review

Front

Work performed for someone else is known as...

Back

services

Front

Items used to purchase items in an economy are...

Back

money

Front

The item you didn't choose when purchasing something.

Back

opportunity cost

Front

Which of the following is not a factor of production? land, labor, costs, capital

Back

costs

Front

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Back

Economics

Front

__________ Things required to live such as food, shelter, clothing, and air.

Back

Need

Front

______________ is not having enough resources to satisfy all of the needs/wants.

Back

Scarcity

Front

Scarcity forces people to_____________________

Back

Make Choices

Front

If video games are not a need, what are they?

Back

a want

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods