Economics Unit 1 Review

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

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

Which of the following is a Good

This is the study of how and why people make decisions

The economic principle of scarcity forces people to

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

The training that a machine worker receives is considered

An example of a command economy would be

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

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

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

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

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

People respond to _____________

Unlimited Wants paired with limited resources is the definition of

Which of the following is an example of Labor

Which of the following is a service

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

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

A drill bit is considered which of the factors of production

Which economic system can change direction quickly and drastically.

A flow chart that shows general economic flow is called

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

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

A point inside the production possibilities frontier is

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

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

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