Economics - Unit 1 Review (2nd Sem. '19)

Actions or activities that one person performs for another one?

• Scarcity

• Goods

• Services

• Economics

Economics is the study of how people see to satisfy their needs and wants by making what?

• a business

• profit

• money

• choices

Economics is about solving the problem of what?

• Scarcity

• Specialization

• Demand/Supply

• Opportunity Costs

The hammers and nails used by construction workers is what factor of production?

• Land

• Labor

• Physical Capital

• Human Capital

Wal*Mart employees are examples of what factor of production?

• Land

• Labor

• Physical Capital

• Human Capital

The machines used in a factory are what factor of production?

• Land

• Labor

• Physical Capital

• Human Capital

The trees used in making pencils is an example of what factor of production?

• Land

• Labor

• Physical Capital

• Human Capital

The knowledge and skill of NFL players is an example of what factor of production?

• Land

• Labor

• Physical Capital

• Human Capital

All the alternatives that we give up whenever we choose one course of action over another.

• Want

• Scarcity

• Opportunity Costs

• Trade-Offs

The most desirable outcome given up as a result of a decision.

• Want

• Scarcity

• Opportunity Costs

• Trade Offs