Economics Unit 1 Review

A flow chart that shows general economic flow is called

A drill bit is considered which of the factors of production

The ability to produce a good at a lower opportunity cost is the definition of

The United States can produce wheat at a lower opportunity cost than Spain, the U.S. has a...

An example of a command economy would be

Economists agree that in order to get someone to change their behavior, change their _____

Which of the following is an example of Labor

When the United States trades with China who will benefit, according to basics of economics

Which economic system can change direction quickly and drastically.

Coal that is mined from the earth that runs a factory is considered

The training that a machine worker receives is considered

Which of the following is a Good

Unlimited Wants paired with limited resources is the definition of

The payment that a company uses to purchase factors of production ends up in the household as a

An economy that is based entirely on history is a ________ economy

The economic principle of scarcity forces people to

This is the study of how and why people make decisions

The office building is considered which of the factors of production?

Which of the following is a service

A country that can produce a good more efficiently than another country, they have a(n)

People respond to _____________

Which of the following is likely to cause an outward shift in the PPF?

An economy is considered efficient if it is _______ on the PPF

A point inside the production possibilities frontier is

Free Enterprise is another way of referring to what type of economy

This is an individual who can combine land, labor, and capital

The graph that shows all potential combinations of output for an economy is known as a

The value of the next best thing that was given up is known as the