A greenhouse should be able to produce 400 tomato plants and 300 cucumber plants in a season. This season, the greenhouse produced 200 tomato plants and 100 cucumber plants. What economic term best applies to this scenario?

law of increasing opportunity cost

A Production Possibilities Curve has 4 assumptions that must occur for it to be used. Which of the following is not one of them?

Who will have access to the goods and services produced?

All resources are fully employed.

More resources cannot be added to the production process.

Producing the maximum amount of goods and services possible is known as ____ and is apparent on a PPC on the curve (frontier).

production possibilities curves

As production switches from one product to another, increasing amounts of resources are needed to increase the production of the second product. This is known as ___.

the law of increasing opportunity cost

Why must societies answer the 3 economic questions?

Scarcity forces societies to make a determination in how they are going to utilize their resources.

Their citizens will vote them out of office if they don't meet the needs of the people.

They have to determine which goods will be public goods and which goods will be private goods.

Both exclusionary and non-exclusionary goods are necessary for a stable economy.

A government has to decide if they are going to use their resources to provide education, aid the development of manufacturing, and encourage advancement in technology. Which of the "3 Economic Questions" does this statement apply to?

What type of labor do we want to have, highly skilled or agrarian?

Economics can be described as the study of

price ceilings and price floors

The condition of scarcity can be described as one that

exists when our unlimited needs/wants exceed our limited resources

afflicts only poor people and nations

exists when the opportunity costs of a decision have equal value

Which description is most correct about opportunity cost (OC)?

Is inherent in all decisions/choices.

Impacts small businesses more often than large businesses.

Can be avoided if you have enough money.

Can only be expressed in financial terms.

The difference between scarcity and shortage is

Scarcity is a natural & re-occurring condition; shortage is a man-made, fixable condition.

Shortage only happens with new products.

Shortage is a natural & re-occurring condition; scarcity is a man-made condition.

Shortage is the fundamental, universal economic problem.

What can cause a production possibilities curve to move to the right?

a new invention increases the speed of production

thousands of people move out of the country

an epidemic kills thousands of young men and women

the population is growing increasingly old

_ is a way of describing and explaining economics as it is, not as it should be. _ is a way of describing and explaining what economic behavior ought to be, not what it actually is.

Positive Economics; Normative Economics

Normative Economics; Positive Economics

What happens in the product market?

Households purchase the goods and services that firms produce.

Income is received for supplying land, labor, or capital.

Governments collect taxes from firms and consumers.

Businesses purchase the factors of production from households.

What is a public good?

A good that cannot be used up; it is available to all

A good that is consumed by one consumer and then is used up

What households provide to the government

Economics Chapter 1 Review

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Economics Chapter 1 Review

58 questions

If the Pennsylvania state government makes a decision according to the best combination of costs and benefits, they are ___________.

Which of the following is a tool used by economists to show the impact of scarcity on an economy?

The study of how individuals and societies satisfy their unlimited wants with limited resources is known as ____.

In economics, the maker of a good or service is known as the ________.

A receptionist at a doctor's office.
A carpet installer for a flooring company.
A cyber security expert at a bank.
A police officer.
A garbage collector.

A person who buys a good or a service is known as _____.

Zeb got a raise at work. He is trying to decide if he should invest the extra money or put it towards paying down credit card debt.
The extra money Zeb received is known as _____ in economic terms.

The resources used to produce goods and services are known as ______.

What is being analyzed in this graph?

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Economics Chapter 1 Review

58 questions

If the Pennsylvania state government makes a decision according to the best combination of costs and benefits, they are ___________.

Which of the following is a tool used by economists to show the impact of scarcity on an economy?

The study of how individuals and societies satisfy their unlimited wants with limited resources is known as ____.

In economics, the maker of a good or service is known as the ________.

A receptionist at a doctor's office.A carpet installer for a flooring company.A cyber security expert at a bank.A police officer.A garbage collector.

A person who buys a good or a service is known as _____.

Zeb got a raise at work. He is trying to decide if he should invest the extra money or put it towards paying down credit card debt.The extra money Zeb received is known as _____ in economic terms.

The resources used to produce goods and services are known as ______.

What is being analyzed in this graph?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies

A receptionist at a doctor's office.
A carpet installer for a flooring company.
A cyber security expert at a bank.
A police officer.
A garbage collector.

Zeb got a raise at work. He is trying to decide if he should invest the extra money or put it towards paying down credit card debt.
The extra money Zeb received is known as _____ in economic terms.