Economics Ch.1 Review

These are necessary to survive

• Wants
• Needs
• Phones
• Scarcity

The combination of vision, skills, and risk taking that is needed to create a business is called what?

• Capital

• Entrpreneurship

• Labor

• Land

When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.

• trade offs
• scarcity
• opportunity cost
• incentive

What are the 4 Factors of Production?

• Land, capital, money, entrepreneurs

• Land, capital, labor, entrepreneurship

• Capital, money, supply, demand

• Labor, capital, supply, demand

What does point X represent on the PPC?

• Efficiency
• Unattainable / impossible
• Inefficency
• Nothing

What does point B represent?

• Production at greater than the country's minimum potential
• Production is less than the country's minimum potential
• Production is greater than the country's maximum potential
• Production at the country's maximum potential

What is a PPC?

• Possible Production Curve
• Production Possibilities Curve
• Probable Projection Curve
• Projected Possibilities Frontier

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

What are the 3 fundamental questions of economics?

• What to produce?

• Where to produce?

• How to produce?

• For whom to produce?

The study of how people try to satisfy seemingly unlimited and competing needs and wants. 

• Economics 
• Scarcity 
• Paradox of Value 
• Utility