Economic Systems

Front

The study of how people satisfy their needs and wants is called?

Back

Economics

Front

Human capital is considered what?

Back

The accumulated skill and knowledge of workers.

Front

What is the difference between scarcity and shortage?

Back

A shortage can be temporary or long-term, but scarcity always exists.

Front

What is the difference between opportunity cost and trade-off?

Back

Trade-off is all the alternatives that you give up, opportunity cost is the next best option that you give up

Front

What is the purpose of a production possibilities curve?

Back

Show alternative ways to use an economy's resources

Front

What does the law of increasing cost relate to in terms of production and price?

Back

the cost of producing the second one becomes more expensive

Front

What is the opportunity cost of Oranges moving from point B to point C?

Back

10

Front

Opportunity cost of sugarcane moving from point D to point C

Back

15

Front

What is the type of economy in which the government answers the three economics questions?

Back

Command

Front

Unemployment payment is an example of what economic goal?

Back

Security