Economics Final Review

Front

Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.

Back

Limited

Front

What are the factors of production? Options: Land, Technology, Dirt, Resources; Land, Labor, Capital, Entrepreneurship; Land, Labor, Entrepreneurship; Resources used in the production of only services

Back

Land, Labor, Capital, Entrepreneurship

Front

The factor of production that includes natural resources is known as:

Back

Land

Front

The central problem in economics is:

Back

Scarcity

Front

A teacher gives extra credit if a student completes a test study guide... This is an example of ?

Back

Positive Incentives

Front

The limited availability of resources is known as...

Back

Scarcity

Front

Voluntary exchange is the free and willing exchange of goods and services where both parties...

Back

Mutually Benefit

Front

Point A inside this Production Possibilities Curve represents:

Back

Resources are being inefficiently used

Front

What does a Production Possibilities Curve illustrate?

Back

Choices result in trade-offs because of scarce resources

Front

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

Back

Opportunity Cost