Economics Final Exam Review

When we sacrifice one thing to obtain another

• Consumer

• Producer

• Opportunity Cost

• Trade Off

A person, company, or country that makes, grows, or supplies goods for sale

• Consumer

• Producer

• Opportunity Cost

• Trade Off

The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

• Scarcity

• Producer

• Opportunity Cost

• Trade Off

The value of what you gave up for the choice you made.

• Scarcity

• Producer

• Opportunity Cost

• Trade Off

A person who purchases goods and services for personal use.

• Consumer

• Producer

• Opportunity Cost

• Trade Off

Designing, launching, and running a business.

• Land

• Labor

• Capital

• Entrepreneur

Productive activity for wages.

• Land

• Labor

• Capital

• Entrepreneur

A piece of Earth.

• Land

• Labor

• Capital

• Entrepreneur

Money used in business, equipment used in production, and property where businesses are located.

• Land

• Labor

• Capital

• Entrepreneur

To get something you need or want is

• A positive incentive

• Reasons for voluntary exchange

• A negative incentive

• Necessary for the production of goods and services