Unit 1 Test

Front

Something that makes you act/behave in a particular way is called a(an)

Back

Incentive

Front

If a person does something that they do best in a production process, they are an example of

Back

Specialization

Front

An entrepreneur uses which productive resources when creating a good or service? Options: Scarcity, incentives, interdependence; Monetary and fiscal policies; Technology, education, growth;

Back

Land, labor, capital

Front

If you have $20 and you are trying to decide between going to a concert or going to a game and both are on the same night you will have to make a choice. Assuming that you choose to go to the concert, what is your opportunity cost?

Back

The game

Front

Economics is the study of what?

Back

choices

Front

The basic problem of economics is

Back

Scarcity

Front

A good that is used to produce other consumer goods and services, as well as capital goods, is a(an)

Back

Capital good

Front

A machine used to weld doors on cars would be considered what?

Back

Capital

Front

Getting the most outputs from the fewest inputs is called

Back

Efficiency

Front

In economics, rational decisions occur when

Back

Marginal benefits equal or exceed marginal costs