Economics Unit 1 Review

Economics is the study of how people choose to use their...

• limited resources to satisfy their unlimited wants

• unlimited resources to satisfy their unlimited wants

• unlimited resources to satisfy their limited wants

• limited resources to satisfy their limited wants

All the alternatives available to you in the decision making process

• opportunity cost

• criteria

• tradeoff

• resources

Water, land, and food are examples of which factor of production?

• land

• labor

• capital

• entrepreneurship

_____ is the limitedness of a resource/ forces tradeoff.

• Economics

• Opportunity Cost

• Shortage

• Scarcity

Who is the "Father of Modern Economics?"

• Karl Marx

• Thomas Paine

• Adam Smith

• Thomas Carlyle

An economic system in which you are born into your job and barter is a form of trade.

• Mixed

• Market

• Command

• Traditional

What is the opportunity cost from moving production from Point B to Point C?

• 700 Hamburgers

• 300 Hot Dogs

• 1100 Hot Dogs

• 300 Hamburgers

Becoming an expert at one job or skill

• specialization

• voluntary exchange

• economic interdependence

• labor

Which type of economics is based on studying decisions by individuals, houses, and businesses?

• Microeconomics

• Macroeconomics

• Normative Economics

• Positive Economics

The next best alternative given up for the alternative chosen

• Tradeoff

• Scarcity

• Law of Diminishing Marginal Utility

• Opportunity Cost