Duplicate of The Basics of Economics

A service is an action or activity that one person performs for another person.

Economic choices involve trade-offs.

Point E on this production possibilities curve represents a maximum level of production.

An economic good is work a person does for someone else while a service is a physical object.

The opportunity cost of waking up early to go to a job interview is the money you spend on gas to drive there.

Which concept best applies when a business has to decide between employing more workers or upgrading their work site?

Cost/benefit analysis has to do with comparing the extra cost to the extra benefit of making a decision.

Who is the father of economics?

Which of the following is an example of the factor of production called land?

The power drill used by a construction worker is an example of which factor of production?

Which of the following refers to a service?

What does a point D on this production possibilities curve represent?

According to Karl Marx, capitalism will eventually collapse and lead to which of the following economic systems?

A shift to the right of a production possibilities curve represents economic growth.

Which term means the act of giving up one benefit in order to gain another greater benefit?

Economics is the study of the choices people make so as to satisfy their needs and wants.

Who was the economist who championed the system of free market capitalism in his 1776 book the Wealth of Nations?

What is a physical object created to satisfy needs and wants?

Which of the following is an example of the factor of production called labor?

The knowledge and skills that a doctor acquires to do their job is an example of human capital.

The withdrawal of the United Kingdom from the European Union is known as Brexit.

Who was the economist who argued in his book the Communist Manifesto that capitalism would implode & lead to communism?

This term expresses Adam Smith's believe that a market economy will lead to positives results for society on it own.

What is the price of one currency in relation to another currency?

Which of the following is not an example of the factor of production called physical capital?

What is the purpose of a production possibilities curve?

What is a situation in which people's needs and wants are greater than the goods and services to satisfy them?

The Euro is the most widely traded currency in the World.

Which term applies to Bill Gates?

Guns v. Butter refers to the choices faced by government between spending money on military or domestic needs.

Scarcity is a condition that applies to only poor countries and not rich countries like the United States.

Which of these is a factor of production?