Unit 1 - Basic Economic Concepts

Front

Which term best fits this definition: "the study of how to provide for unlimited wants given limited resources"

Back

Economics

Front

Scarcity exists because society has limited _______ but unlimited _______.

Back

resources/wants

Front

Opportunity Cost

Back

The value of your next best alternative

Front

Inkwell Isles' PPC: Shift production from point B to point C. What is the opportunity cost?

Back

4 units of Good Y

Front

What can cause an outward shift of the PPC?

Back

Technology that makes workers more productive

Front

Why did your economist friend scoff at the idea of a "free lunch"?

Back

TNSTAAFL (every choice involves a trade-off)

Front

Which market structure makes up the majority of world economies?

Back

Mixed Economy

Front

Which of these is not a Factor of Production™©®? Land, Value, Capital, Entrepreneur(ship), Labor

Back

Value

Front

What do Households supply in the Resource Market? Options: Goods, Income, Labor, Taxes, Rent

Back

Labor

Front

Free Market Capitalism was first written about by which Economic Philosopher?

Back

Adam Smith