Study Guide- 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

Which definition best fits for opportunity cost?

Back

The value of your next best alternative

Front

Assume that the Inkwell Isles' PPC looks like this: If they shift production from point B to point C, what is their 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

Which market structure makes up the majority of world economies? Options: Free Market/Enterprise, Mixed Economy, Capitalism, Command Market, Traditional

Back

Mixed Economy

Front

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

Back

Value

Front

Which of these do Households supply (provide) in the Resource Market? Goods, Income, Labor, Taxes, Rent

Back

Labor

Front

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

Back

Adam Smith

Front

Your Pet Turtle becomes a viral sensation that distracts people from their jobs for months. What happens to your country's PPC?

Back

It shifts inward