Economics Final 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...

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

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

Front

Which answer below is NOT a useful assumption for PPCs?
- All resources are fully employed
- Resources are fixed
- Up to 3 things can be produced at once
- Technology is fixed

Back

Up to 3 things can be produced at once