Econ Unit 1

Economics is the study of how ______________, _________________, and ___________________ use their scarce or limited resources.

• People

• government

• nations

• businesses

Economics is the study of how ______________, _________________, and ___________________ use their scarce or limited resources.

• People

• government

• nations

• businesses

What are the 4 factors of production?

• Natural resources

• capital

• Air

• labor

• entrepreneurs

What is the difference between wants and needs?

(a)  

Tools and machines, a person or a business uses to produce goods and services is called _________?

• Capital

• Scarcity

• Specialization

• Opportunity Cost

A _____________________ buys and use goods and services.

• Consumer

• Seller

• Profits

• Standard of living

The condition in which there aren't enough resources available to produce everything that individuals need is__

• opportunity cost

• scarcity

• circular flow model

• choice

The value of goods and services that are given up in order to obtain an alternative good or service is__

• scarcity

• circular flow model

• choice

• opportunity cost

The visual represents which of the following?

• circular flow model

• production possibilities curve

• all are correct

• demand chart

The production possibilities curve is a visual representation of which concept?

• manufacturing

• technology integration

• opportunity cost

• cultural diffusion