Economics (Final Review)

In society, we have unlimited wants and limited resources. This creates _______.

Which of the following would be considered a scarce resource?

The value of the next best alternative given up is known as (a) _______.

Susan has a final exam tomorrow and needs to study, however, she is extremely tired and decides to go to bed early. What is Susan's opportunity cost?

As a consultant, you get paid $50 an hour. Instead of working one night, you decide to go to a football game. You end up paying $60 for the ticket, $35 for food/drinks and $35 for parking. You are also losing out on three hours of work. What is your opportunity cost (in dollars) for going to the football game?

You create a cost-benefit analysis to determine whether you should buy a new piece of machinery for your business. The machine will cost you $10,000 to buy, plus an additional $1,500 to install. The life of the machine is 10 years. During that time, revenue is expected to be $11,000. According to this cost-benefit analysis, would you buy the machine?

Which economic system involves collective or public ownership of major industries and resources?

Which of the following economic systems relies heavily on barter?

The knowledge and skills a worker gains through education and experience is known as __________.

Match the following