Economics Final Review

Front

What is economics?

Back

the study of how people make choices about ways to fulfill their wants and needs with scarce resources

Front

What is the difference between a consumer and a producer?

Back

The producer makes the goods/services and the consumer uses them.

Front

not enough resources to satisfy wants

Back

scarcity

Front

the "next best thing" you give up when you make a choice

Back

opportunity cost

Front

all alternatives you give up when you make a choice

Back

trade-off

Front

a way to encourage people to take a certain action

Back

incentives

Front

peak level of performance (no wasted resources)

Back

efficiency

Front

Which is NOT one of the 4 factors of production? Options: land, labor, capital, entrepreneurship, taxes

Back

taxes

Front

What does this phrase mean: "There is no such thing as a free lunch."

Back

You can't get something for nothing.

Front

ECONOMIC SYSTEMS - Match the characteristics to the economic system: -your family/tribe is the most important thing -everyone has a defined role -survival is the main goal

Back

Traditional