Economics Chapter 1 Review

Front

A person who makes goods or provides services is called

Back

producer

Front

The United States decides what goods to produce by letting

Back

the producers and consumers decide

Front

To be a successful entrepreneur requires a willingness to

Back

take risks

Front

The satisfaction received from using one more unit of a good or service is called

Back

marginal benefit

Front

An example of underutilization is producing fewer muffins and widescreens TVs as can be made with available resources

Back

fewer muffins and widescreens TVs as can be made with available resources

Front

The addition of new resources often enables a nation to

Back

produce more goods and services

Front

A graphic organizer that is especially useful for showing changes over time is a

Back

line graph

Front

Point 1 represents the production of how many TVs?

Back

10,000

Front

If 1,000 trucks are being produced, how many TVs could be produced?

Back

9,000

Front

Point 6 represents which of the following situations: scarcity, efficiency, demand, underutilization?

Back

underutilization