Final Exam Review (Economics)
Authored by Xavier O
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49 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Efficiency
Since resources are scarce, most societies try to maximize what they can get out of them
Not having a lot of something
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Services
actions or activities you give or receive
Getting a job
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods
Something you need
physical items
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity
Having a lot of something
Limited resources for unlimited wants and needs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost
Choices
The cost of something
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trade-off
all alternatives given up as the result of a decision
Beneficial things you get as a result of a decision
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factors of production
money, houses, car
Land, labor, and capital
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