Unit 1 Economics Review

​There is always some degree of government involvement in a mixed economy.

all of the alternatives that we give up when we make a choice

study of small economic units such as individuals, firms, and industries

systematic approach to estimating the strengths and weaknesses of alternatives

all natural resources that are used to produce goods and services

​The efficient use of scarce resources leads to an increase in

study of large economy as a whole or economic aggregates

goods that are used in producing other goods, rather than being bought by consumers

any human-made resource, skills, or knowledge used to create goods and services

The study of economics involves​

​Which of the following lists economic systems in order from least to most flexible?

any effort a person devotes to a task for which he or she is paid

study of efficient use of scarce resources to achieve maximum satisfaction of economic wants

Which of these statements is descriptive of a market economy?

goods bought and used by consumers, rather than by manufacturers for producing other goods

examination of the additional benefits of an activity compared to the additional costs incurred

ambitious leaders that combine factors of production to create goods and services

having unlimited wants and limited resources

a payment or concession to stimulate greater output or investment

the most desirable alternative given when you make a choice