Econ Final Review

Front

The basic economic problem is

Back

resources are scarce

Front

What is the economic term for the things you sacrifice when you make a decision?

Back

trade-off

Front

Which is the next best alternative to the decision you make, the one you miss out on?

Back

opportunity cost

Front

A resource provided by mother nature that is used by a business

Back

land

Front

Which of the following would be an example of labor?
ideas for how to design a business,
time spent building the walls for a new store,
vegetables grown to be used in food at a restaurant,
hammers and nails used in building a new store

Back

time spent building the walls for a new store

Front

Which of the following would be an example of human capital? ideas for how to design a business, time spent building the walls for a new store, vegetables grown to be used in food at a restaurant, hammers and nails used in building a new store

Back

ideas for how to design a business

Front

Which of the following would be an example of physical capital?
ideas for how to design a business,
time spent building the walls for a new store,
vegetables grown to be used in food at a restaurant,
hammers and nails used in building a new store

Back

hammers and nails used in building a new store

Front

Which of the following would be an example of land?
ideas for how to design a business,
time spent building the walls for a new store,
vegetables grown to be used in food at a restaurant,
hammers and nails used in building a new store

Back

vegetables grown to be used in food at a restaurant

Front

What is meant by a point that is under the curve on a production possibilities curve?

Back

underutilization

Front

What is meant when a point is outside the curve on a production possibilities curve?

Back

not possible