CC Econ Unit 1 Review

Which is not considered a Factor of Production

This graph shows combinations of g/s that can be produced given the factors of production.

Which Economic System does Adam Smith's writing support?

It's Friday night: You can work or hang with friends. You work, what is your opportunity cost?

Which is FALSE about Opportunity Cost

Which is not an economic goal?

The economic idea that everything has a cost is:

Which is not a reason a business would be producing from inside the PPC?

Which economy would the Gov own the Factors of Production?

A skilled, educated worker would fall BEST into which category:

A point inside (Point X) the PPC would represent

Tools and machines used to make products are called:

Scarcity is:

In America, Economic progress is "helped" by:

When one is thinking and making decisions in small increments, like one unit.

A rational choice is one that:

The Invisible Hand is attributed to

The study (or total) effects on the national economy and the global economy.

A point outside (Point Y) the PPC would represent

The happiness you get from ONE more hour of sleep is best described as:

This picture is best described as:

Any point on the PPC line/curve would mean: (ex: points A, B, C)

Which goal means that there will be gas in the pumps when you need it?

Which Economy answers the 3 Economic Q's according to custom and habit?

An ____ is a good we bring in from another country and an ____ is a good we produce and send out.

This means fair distribution; (sharing the pie the fairest way possible)

Lamborghini decides to produce their cars by hand instead of robots. What Economic Q is this?

Ford decides to produce Mustangs instead of Explorers. What Economic Question is this?

Which is FALSE about Adam Smith

"The Federal Reserve says Taylor Swift will contribute $5 billion into the economy from her Eras Tour" is a _ statement

The first thing you give up to do what you do is:

What is it called when humans must make choices between unlimited wants and limited resources.