Economics Final

Front

How many distinct factors of production do economists recognize?

Back

Four

Front

What primary issue must every economic system deal with?

Back

Scarcity

Front

What increases when an economic system experiences Economic Growth?

Back

goods and services

Front

Water cheap=Needed
Diamonds expensive=Not Essential

Back

Paradox of Value

Front

Next best choice

Back

Opportunity Cost

Front

How can an economy increase its productivity? Options: Investments, Decrease capital gains, Increase efficiency, Hire more labor or purchase more machines

Back

Increase efficiency

Front

When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)

Back

cost-benefit analysis

Front

Which of the following reasons would you conduct a Decision Making Grid? To purchase a house, Deciding on a college, Making plans for a vacation, All the above

Back

All the above

Front

You get a job at the local farmers market for $10/Hr. You are

Back

participating in the Factor Market

Front

You purchase a new television, enjoy it for a year, then decide to sell it. The TV is considered a(n)

Back

durable good.