Economics Unit 1 Review

Front

Unlimited wants + limited resources =

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Scarcity

Front

The acronym TINSTAAFL reflects the idea that:

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nothing is free

Front

This picture shows the concept of: Opportunity cost, Diminishing marginal utility, Paradox of value, Tragedy of the commons

Back

Paradox of value

Front

A factory decides to produce 50 less cars to produce 25 more boats. The value of the next best alternative given up (50 cars) is called:

Back

Opportunity cost

Front

In economics, utility is:

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the degree to which a product can be useful and provide satisfaction

Front

Workers in a factory, for example.

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Labor

Front

Machines in a factory, for example.

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Capital

Front

Natural minerals needed to make a product, for example.

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Land

Front

Walt Disney, for example.

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Entrepreneur

Front

North Korea has this type of economy

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Command