Econ Unit 1 (part 1) Review

the study of how people try and satisfy unlimited wants with limited resources.

• Scarcity

• Economics

• Opportunity Cost

• Macroeconomics

not having enough resources to produce all the things people want.

• Scarcity

• Economics

• Opportunity Cost

• Microeconomics

A car is an example of a need.

• True

• False

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

• Economics

• Scarcity

• Opportunity Cost

• Wants v. Needs

Macroeconomics is the study of the economy as a whole; focuses on “big picture” and ignores fine details.

• True

• False

Which of the following is NOT a basic economic concept

• Government

• Goods

• Services

• Consumers

Factors of Production

• Natural Resources, Government, Workers, Factories

• Land, Government, Ms. White, Workers

• Capital, Renewable Resources, Government, Cold Hard Cash

• Land, Labor, Capital, Entrepreneurs