Econ Unit 1

Ability to produce more units of a good than some other producer using the same resources

If a country is under-utilizing their resources, they are..

Where would you put the U.S. on the continuum between Free Market and Centrally Planned?

What is a physical object that can be exchanged?

An economic system is..

Which of the following would you consider a Centrally Planned Economy?

Using resources in a way that maximizes the production of goods and services

Which of the following is not one of the 3 key economic questions?

Opportunity Cost can be examined by using what vocab word

People against globalization argue that...

If I go to a barber to get a haircut, the barber is performing a _______ for me

Which of the following WOULD NOT be a trade off of going to college?

Because resources are scarce, Economics studies how...

All human- made goods that are used to produce other goods and services; tools and buildings

Which of the following is not an Economic Goal

Marginal Utility is..

Why does even a free market economy need some government intervention?

Where one country can produce goods at a lower opportunity cost than another producer

You decide to wake up at 5 am to study for a test for 2 hours, what is your opportunity cost?

I buy computer, but wanted a couch, tv, ipad, but most of all an xbox, my opportunity cost is..

What happens in the product market?

What is the struggle among various producers for the consumer’s business called?

What does specialization help do?

Temporary lack of one or more goods

In a free economy; ____________ motivates people, while _______________ regulates the economy

The most desirable alternative given up as the result of a decision is...

A traditional economy relies on...

Comparative advantage encourages which economic term?

You buy soap from Walmart. This transaction occurs in the...

Creating new technology at lower costs would help shift production (on a graph)..

A problem with centrally planned economies is..

Proponents of Globalization argue that...

What are perverse incentives?

Which of the following is NOT characteristic of a centrally planned economy?

LIMITED quantities of resources to meet unlimited wants

Which of the following is not a factor of production?

The method used by a society to produce and distribute goods and services

Households provide factors of production, and firms, in turn, give them money in the...

What type of graph shows alternative ways to use an economy's resources?

A leader who combines land, labor, and capital to create and market new goods and services

Why do manufacturers sell products?

You work for MaxBats to produce bats. This occurs in the...

What would happen to overall production if over half the labor force went to war?

One's own personal gain