Scarcity, FoP, Opportunity Cost

Front

Opportunity Cost is

Back

the second best alternative

Front

All of the following are possible opportunity costs to the decision to go out for pizza EXCEPT: you could have gone out for Chinese food, eaten at home instead, you could have gone to your friend's house, you will have consumed a lot of food

Back

you will have consumed a lot of food

Front

What is scarce in the following scenario: You have to go to work, but if you work a lot of hours, you are going to be very tired

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time

Front

A cost and benefit analysis refers to the positive and negative effects making a certain decision will have.

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True

Front

Economics is the study of how people make choices about ways to use ____ resources to fulfill their unlimited wants and needs

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limited

Front

What are the factors of production? Options: land, technology, dirt, resources; land, labor, capital entrepreneurship; land, labor, entrepreneurship; resources used in the production of only services

Back

land, labor, capital entrepreneurship

Front

The factor of production that includes natural resources is known as

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land

Front

The central problem in economics is

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scarcity

Front

A teacher gives extra credit if a student completes a test study guide. This is an example of:

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positive incentives

Front

Tools used by people at work like assembly lines, or a hammer, or a ladder are called

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physical capital