Economics Unit 1 Exam Review

Work performed for someone else is known as...

• goods

• services

• work

• labor

Items used to purchase items in an economy are...

• stocks

• bonds

• money

The item you didn't choose when purchasing something.

• trade off

• opportunity cost

• goods

• choices

Which of the following is not a factor of production?

• land

• labor

• costs

• capital

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

• Economics
• Consumer Science
• Opportunity Costs

__________ Things required to live such as food, shelter, clothing, and air.

• Need

• Want

• Tradeoff

______________ is not having enough resources to satisfy all of the needs/wants.

• Scarcity

• Opportunity Cost

• Tradeoff

Scarcity forces people to_____________________

• Make Choices

• satisfy all their wants and needs

• Give up opportunity cost

If video games are not a need, what are they?

• a wish
• a dream
• a want
• a necessity

What is the production possibilities curve?

• a graph that shows how much an economy can produce between 2 goods
• how much money something is
• the opportunity one has to give up in order to gain something else
• land, labor, capital, entrepreneurs