Unit 1 review Flashcard

Front

What is the study of how people deal with scarcity?

Back

Economics

Front

What does scarcity refer to in economics?

Back

Limited resources and unlimited wants

Front

What are 'trade-offs' in decision-making?

Back

All the things that we give up

Front

What is 'opportunity cost'?

Back

The most desirable thing given up.

Front

What does the Production Possibilities Curve (PPC) model show?

Back

Different ways an economy can use its scarce resources

Front

Which of the following is a cause of economic growth?
Options:
Decrease in resource quality,
New Technology,
Increase in unemployment,
Reduction in trade

Back

New Technology

Front

What does point G on the economic growth diagram represent?

Back

Unattainable with current resources

Front

Which point on the production possibilities curve represents inefficient production or unemployment? Options: Point A, Point B, Point D, Point E

Back

Point E

Front

What is one of the effects of economic growth?

Back

Meets more needs and wants

Front

What is the primary function of the product market?

Back

To sell goods and services produced by businesses to households.