Economics Final Review

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

The place where goods and services are exchanged

• barter
• currency
• market
• resource

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

There is no government intervention whatsoever in a free enterprise economic system.

• True

• False

Human Capital is the knowledge and skills a worker gains through education and experience.

• True

• False

Goods that last for a relatively long time, such as a refrigerator, can be considered an inferior good.

• True

• False

A phenomenon associated with issues in the distribution of public goods is called the "free-rider problem."

• True

• False

"A period of economic growth as measured by a rise in real GDP.

• Market Inflation

• Expansion

• Recession

• Opportunity Cost

"When consumers react to an increase in a good's price by consuming less of that good and more of the other goods."

• Scarcity Effect

• Shortage Effect

• Substitution Effect

• Equilibrium

"The most desirable alternative given up as a result of a decision."

• Opportunity Cost

• Market Failure

• Expansion

• Scarcity