Economics Final Review 1

Front

The study of choices people make to satisfy their needs and wants is

Back

Economics

Front

Food, clothing, and shelter are examples of human

Back

Needs

Front

People are forced to make decisions about how to use resources effectively because

Back

Resources are limited and wants are unlimited

Front

What is the opportunity cost of choosing to buy the pants instead of the T-shirt?

Back

The difference between the prices of the pants and the T-shirt

Front

The economic rivalry that develops among businesses selling the same or similar products is called

Back

Competition.

Front

In which economic system do individuals answer the basic economic questions?

Back

market economy

Front

The feature that distinguishes the U.S. economy from the pure market model is

Back

Limited government involvement.

Front

Which goal of the U.S. economy is concerned with questions of fairness and right and wrong?

Back

economic equity

Front

Scarcity of resources leads the U.S. economy to pursue the goal of economic

Back

Growth.

Front

In economics, the amount of a product a consumer is willing, able, and has a desire to buy at various possible prices during a given time period is called

Back

Demand