Micro 1.1 Flashcards

1

Human effort employed in the production process is called ...

2

What is the central problem of economics?

3

The man-made tools used to produce goods and services are known as....

4

All choices require trade-offs. Economists call the most important trade-off one makes a/an...

5

Points inside the PPF are...

6

Points on the PPF are...

7

Scarcity means we have ____, but ______ to produce _____ to satisfy them.

8

Education and training increase the economy's ...

9

Economics really boils down to the study of....

10

Natural resources used in the production process are called...

11

Combining the factors of production to produce goods and services profitably is known as...

12

Which of the following would NOT move the PPF to a previous point of impossibility?

Micro 1.1