Economics Chapter 1 (2021)

Which of the following is not one of the three key economic questions?

When one benefit is given up in order to gain another

Quantity of good/service u consume increases, happiness u get from next increased unit decrease

Where businesses have the opportunity to sell the goods & services produced to households

The concept that one is able to make decisions about what goods orservices to buy or sell

Which of the following is NOT a factor of production?

Which of the following is not a measure of economic well-being?

Most desirable alternative of all the alternatives given upin the decision-making process

A graph that shows alternative ways to use as economy’s resources.

Study of economic behavior and decision making in smaller units such as households and firms

Prices of goods and services are entirely set by the demand and supply of what is available

What happens to a production possibilities curve when economic growth occurs?

Govt owns the means of production & determine what to produce how to produce & who gets it 

Why would a government want to provide safety nets for their citizens?

Demonstrates exchanges of $ resources goods & services between consumers & producers

When attempting to understand the social goals of a country, which studyof econ. is most useful

Process of deciding how much more or less to do or produce by adding or subtracting one unit 

Which economic goals are difficult to achieve in a command economy? select all that apply

Concentration of productive efforts of individuals & firms on a limited number of activities

Responsible for the production of goods and services in the economy.

Where businesses can purchase the necessary resources they need to make a product

Which of the following is a benefit of economic growth?

People who are able and willing to organize productive resources andproduce a good or service

Any of the renewable or nonrenewable resources that come from the earth

The study of economic behavior and decisions in a nation’s whole economy

Deciding to work 4 extra hours & spend 1 more hour studying a week, example of what principle?

Man-made resources that assist workers in the production of a good orservice

Limited quantities of resources to meet unlimited wants

Which of the following is NOT a benefit of a market economy?

Physical and/or mental labor