Basic Principals of Economics

Food production

Modern farming technology would increase:

Computers

The value of the next best alternative given up when a decision is made :

Petroleum in Saudi Arabia, a country with many oil fields and many oil reserves

Actions such as haircuts, medical check-ups, mail delivery, car repair, and teaching

The purpose of a production possibilities curve:

Food and shelter are examples of economic:

The people and the government own the factors of production

Production Nuclear Weapons

Machinery

USA and Japan

The government owns the factors of production

Hong Kong

Training

The limited quantities of resources trying to meet unlimited wants

In the wildlife black market often products move from _____________ to _____________.

Education

Economics is the study of how people:

individual choice is not constrained by government or power groups within the economy

North Korea

Clothing is an example of an economic:

Using resources in such a way as to maximize production of goods and services

Buildings

Refers to nations choosing whether to produce more or less military or consumer goods/services

Healthcare

Production of Military Aircraft

Production of consumer commodities

Giving up one alternative for another is called:

people in the society consider the distribution of resources to be fair

Land, labor, and capital

protection against economic risks

Shortages occur when:

Education

Designer clothing is an example of an economic:

If you buy a large truck you are choosing utility over fuel economy. This is an example of a:

increase in the productive capacity of the economy

Entrepreneurs are people who:

THAAD Missile Defense technology

textbooks with sign that says “Free books, take as many as you want.” Have been there for years