Economics Chapters 1 and 2 Test 2022

Front

Individuals who come up with a new idea for a good or service, then they make it a reality

Back

entrepreneur

Front

Something we use from nature

Back

natural resource

Front

Something we use

Back

resource

Front

Trade-offs: Can all be considered opportunity costs; it depends on an individual's choice

Back

Can all be considered opportunity costs; it depends on an individual's choice

Front

A person who buys goods and services

Back

consumer

Front

On this PPC, which point is efficient? Options: A, C, D, None

Back

A

Front

On the PPC, which point is inefficient? Options: A, B, C, D

Back

C

Front

On the PPC, which point is unobtainable? Options: A, B, C, D

Back

D

Front

Anything that brings buyers and sellers together is referred to as a...

Back

market

Front

Economics can be defined as ________________.

Back

the science of decision making