Understanding Economics Ch. 1

Front

What determines a country's wealth? Options: natural resources, all its tangible and intangible resources, its total of all tangible products, the amount of its goods and services

Back

its total of all tangible products

Front

When people wait in line on Black Friday to get a 70" TV, this is an example of

Back

scarcity

Front

A diamond is worth more than water. This illustrates what concept of economics?

Back

paradox of value

Front

Reliance on others to produce goods and services is

Back

economic interdependence

Front

Choosing to make cars instead of trucks results in

Back

opportunity cost

Front

Each worker learns one task very well

Back

specialization

Front

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

Back

scarcity

Front

Deciding whether or not a purchase is worth the cost could best be done with a

Back

cost-benefit analysis

Front

Using resources more efficiently increases

Back

productivity

Front

Food is an example of a

Back

non-durable good