AP Micro Unit 1 Quiz 1 Flashcards

1

_____ is the next best alternative that is forgone when a person makes a choice.

2

_____ is concerned with small segments of the economy, such as households, firms, and markets.

3

Scarcity forces individuals, firms, and governments to make choices or ______.

4

A truck driver is an example of _____.

5

The factors of production include land, labor, capital, and _____.

6

People make choices that will maximize their satisfaction or _____.

7

A chain saw is an example of _____.

8

_____ exist(s) because mankind's wants are unlimited but all of our resources are limited.

9

A tree is an example of _____.

10

_____ statements deal only with facts.

AP Micro Unit 1 Quiz 1