Economics Final Review

Front

Which term refers to the social science that studies human choices about how to fulfill unlimited wants and needs given limited resources?

Back

Economics

Front

Which term refers to the condition of infinite wants and needs and finite resources available to fulfill those infinite wants and needs?

Back

Scarcity

Front

Which term refers to the benefit lost of the next best alternative?

Back

Opportunity cost

Front

If the economy goes from a state represented by Point A to Point B, what is the opportunity cost of this choice?

Back

5 capital goods

Front

If the economy goes from a state represented by Point B to Point C, what is the opportunity cost of this choice?

Back

10 capital goods

Front

Which economic system is characterized by the voluntary exchange between buyers and sellers and the accumulation of private property by individuals?

Back

Market economy

Front

In the production of an automobile, the factory building, industrial robots, and tools are examples of which factor of production?

Back

Capital Goods

Front

What exists when buyers and sellers exchange goods and services?

Back

market

Front

Which term refers to the amount of a product producers want to sell at all possible prices?

Back

supply

Front

The Law of Supply would predict that as prices increase in a competitive market, then

Back

the quantity supplied will increase