Economics Final

A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

• Scarcity

• Opportunity Cost

• Trade-offs

• Economic Frontier

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

• Scarcity

• Opportunity Cost

• Trade-offs

• Economic Frontier

Outer limit of economic production

• Scarcity

• Opportunity Cost

• Trade-offs

• Economic Frontier

Which of the following are resources needed for production?

• Natural Resources

• Capital Resources (money)

• Labor Resources (people)

• All of the above

The ability of the economy to increase the production of goods and services.

• Opportunity Cost

• Economic Growth

• Underemployment

• Productivity

More can be produced with less.

• Opportunity Cost

• Economic Growth

• Underemployment

• Productivity

How does technology affect the economy?

• Increases productivity

• Decreases productivity

• Does not affect the economy

This type of economy is stable and predictable with little to no growth.

• Communist

• Traditional Economy

• Free Enterprise (Capitalist)

• Socialist

This type of economy provides all social services, but also has high taxes.

• Communist

• Traditional Economy

• Free Enterprise (Capitalist)

• Socialist

This type of economy has a lack of government interference and lower taxes.

• Communist

• Traditional Economy

• Free Enterprise (Capitalist)

• Socialist