Economics Unit 1 Review

What is the opportunity cost if you move from point A to point C?

Which point is EFFICIENT?

Is this a want or a need?

Money and time are ______ resources because they are not unlimited.

Is this a want or a need?

I must choose between tutoring and soccer. I choose tutoring. What is the opportunity cost?

Which is NOT one of the 3 questions of the economy?

Which point is IMPOSSIBLE?

Is this a good or a service?

Is this a good or service?

The wood used to make a pencil is an example of...

A blender used to make a smoothie at Orange Julius is an example of...

questions of the economy are answered by the ways things have always been done

Things that people do for others in return for money

The way things (goods and services) are made, sold, and bought in a country

Is this a want or a need?

Who answers the 3 questions of the economy in a market economy?

A thing that makes you happy but that you can live without

Is this a want or a need?

Someone who grows or makes particular goods or services

A worker on a dairy farm is an example of....

Which point is INEFFICIENT?

questions of the economy are answered by the individual buyer or seller

A thing that without you will have a bad life

the thing you give up when you make a choice, a trade off

Who answers the 3 questions of the economy in a command economy?

Someone who buys goods and services

questions of the economy are answered by the government

Physical objects that can be bought and sold (Stuff--you can touch them)