Econ Fall Finals Review 2024

Front

Opportunity cost is...

Back

the value of the next best alternative forgone when making a decision

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

Capital refers to...

Back

the tools, equipment, and factories used in production of goods and services

Front

Labor refers to...

Back

people with all their efforts and abilities

Front

Because of scarcity, people are forced to make _________ about how to use resources.

Back

Choices

Front

Why do all societies have to make decisions about how resources will be used?

Back

There are not enough resources for those who want them

Front

The study of how people choose to use scarce resources to satisfy their wants.

Back

Economics

Front

Which is not one of the 3 main economic questions? What will be produced? How will it be produced? For whom will it be produced?

Back

Where will it be produced?

Front

The basic economic problem of all countries is the existence of:

Back

Limited resources and unlimited wants

Front

The fundamental difference between a market and command economy is:

Back

Property rights and protection of private property