Intro. Econ (Ch.1)

One key difference between a shortage and scarcity is:

Pa calls in sick at work today, & sleeps instead. The pay she'll lose is the __ of her choice.

Why does every decision involve trade-offs?

Fred owns a pizza shop. The dough he uses to make his pizzas is considered:

Which of the following is true of entrepreneurs?

The principle that limited amounts of goods and services are available to meet unlimited wants.

A decision is made at the margin when each alternative considers:

Fred owns a pizza shop. The oven he uses to cook his pizzas is considered:

Human capital refers to:

Fred owns a pizza shop. The training he provides his employees is considered:

Knowledge gained through education, training, and experience qualify as:

The central problem of economics, without which economics would be unecessary

An efficient economy is one that"

Which factor of production is associated with increasing knowledge to increase efficiency and reduce scarcity?

Which of the following is an example of using physical capital to save time and money?

_____ limits the supply of the factors of production.

Which of the following factors of production qualify as  land?