UNIT 1 TEST REVIEW- Jan 2019

Which of the following is a scarce resource at LTHS?

What is the opportunity cost of moving from point A to point C?

Diamonds are expensive even though we don't need them and water- a need- is comparatively cheap

The four factors of production are the resources of

This model is called

Which of these is NOT an advantage of specialization?

What is the opportunity cost of moving from point B to Point A?

What factor production does this image represent?

A risk-taker in search of profits, who tries something new with existing resources

A location that allows buyers and sellers to exchange a certain economic product

In the model above, what do business and individuals exchange?

"As vehicles moved past the workers on the line, each worker would do one task over and over.”

What trade-off is involved when you buy a bag of chips?

The fundamental economic problem is

The study of economic behavior of countries and the global economy is known as

A haircut, plumbing repair, or cable tv are examples of this

On a scale of 1-10, how well do you understand the production possibilities curves and opportunity cost?

Which is an example of a scarce resource?

The study of economics is most important for students because it teaches us to

Ovens, pizza pans, tables, and countertops are which factor of production?

Choices: go to fun event OR work 4 hours for $8 per hr. You choose fun event. Opportunity cost?

What factor of production does this image represent?

The branch of economics that focuses on the behavior of individuals, families, and businesses

The ability of a good to satisfy consumer wants and needs; how useful a good or service is

A popular model or graph used to illustrate the concept of opportunity cost is:

The study of people's efforts to use limited resources to satisfy unlmited human wants & needs

Which entrepreneur is associated with the Model T car and speeding up the assembly line?

Work is arranged so that individual workers do one or two simple tasks over and over

In the model above, what do individuals and businesses exchange?

An item such as a phone, car, or desk

An Apple factory increases how many Ipads it creates. This is known as an increase in _____.

When making a decision, the "opportunity cost" is value of the

The factor of production "land" includes: