Econ Unit1 Review

Front

Economics may best be defined as a(n)

Back

study of efforts to satisfy unlimited wants with limited resources

Front

you can either buy a jacket or new shoes with the money you have. You choose the shoes. The jacket becomes the:

Back

opportunity cost

Front

Things that people do, and cannot be owned or touched are

Back

services

Front

Land, labor, capital, and entrepreneurs are

Back

factors of production

Front

Things of value that can be seen, owned, and touched are

Back

goods

Front

What does a production possibilities frontier show?

Back

the maximum amount an economy can produce

Front

An opportunity cost is what you give up when you make a trade-off.

Back

True

Front

What is the fundamental problem of every society? Options: labor costs, scarcity, economic interdependence, market fluctuation

Back

scarcity

Front

What does point Y represent on the PPC?

Back

Unattainable (FOR NOW)

Front

What does point X represent on the PPC?

Back

Inefficency