Economics Milestone Reveiw

Question 1

All natural resources used to produce goods and services, part of the Factors of Production

Accepted Answer

Land

Question 2

Something that is essential for survival such as food or medical care?

Accepted Answer

Need

Question 3

The college football player that just set the single game rushing records for Wisconsin

Accepted Answer

Melvin Gordon

Question 4

The process of bringing new methods, products, or ideas into use

Accepted Answer

Innovation

Question 5

Franchise based on the Japanese pocket monsters

Accepted Answer

Pokemon

Question 6

The economic principle that there are limited resources but unlimited wants

Accepted Answer

scarcity

Question 7

Which of the following is NOT one of the three economic questions

Accepted Answer

Where to produce

Question 8

The actions or activities that one person performs for another.

Accepted Answer

Services

Question 9

The use of resources in a way to maimize the output of goods and services

Accepted Answer

Efficiency

Question 10

The amount of money a business recieves in excess of its expenses

Accepted Answer

Profit

Question 11

When thinking at the margin, one should think in terms of adding or subtracting

Accepted Answer

One Additional Unit

Question 12

The act of giving up one benefit in order to gain another, greater benefit

Accepted Answer

trade-off

Questions 12