Economics Final

__ is the study of how people use limited resources to satisfy unlimited wants

• Economics
• Factors of Production
• Human Capital
• Value

____ arises because society does not have enough resources to produce all the things we want.

• Scarcity
• Services
• Utility
• Value

What are the causes and effects of scarcity

• Cause: lack of resources and unlimited wants.Effect: choices
• Cause: choices Effect: lack of resources and unlimited wants
• Cause: unlimited resources. Effect: must make choices
• Cause: Must make choices. Effects: Unlimited resources

Land, Labor, Capital, and Entrepreneurs are all needed to produce any good. These are called

• Factors of Production
• Human Capital
• Economics
• Services

What are the three questions of an economic system?

• What goods to produce, how much to produce, and the cost of which they will be sold.
• What goods to produce, for who are they to be produced for, and the cost of which they will be sold.
• How much to produce, what goods to produce, and the cost of which they will be sold.
• What goods to produce, how much to produce, and for who they are to be produced for.

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

The Red line represents

• Demand Curve
• Equilibrium
• Supply Curve
• Price

The Blue line represents

• Supply Curve
• Equilibrium
• Demand Curve
• Price

The Dot represents

• Demand Curve
• Equilibrium
• Supply Curve
• Price

The arrow between D1 and D2 represent?

• An increase in demand
• A decrease in supply
• An increase in supply
• A decrease in Demand