Economics Chapter 1 Review

Front

Which of the following is a tool used by economists to show the impact of scarcity on an economy? production possibilities curve, cost-benefit analysis, opportunity cost, factors of production

Back

production possibilities curve

Front

The study of how individuals and societies satisfy their unlimited wants with limited resources is known as ____.

Back

economics

Front

In economics, the maker of a good or service is known as the ________.

Back

producer

Front

What type of economic resource is represented by a receptionist at a doctor's office, a carpet installer for a flooring company, a cyber security expert at a bank, a police officer, and a garbage collector?

Back

labor

Front

A person who buys a good or a service is known as _____

Back

consumer

Front

The extra money Zeb received is known as _____ in economic terms.

Back

incentive

Front

The resources used to produce goods and services are known as ______.

Back

factors of production

Front

What is being analyzed in this graph?

Back

statistics

Front

A lawyer, A plumber, A mechanic, Lawn Mowing, Internet

Back

service

Front

Saw at a sawmill, Mechanic's tools, Laptop, Printer, Pen, X-Ray equipment at hospital

Back

capital