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Unit 1 Exam Prep
Unit 1 Exam Prep
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Flashcards
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Questions
21
Answers
1
A need is fulfilled by:
movie tickets
jewelry
food
video games
2
How do we know resources are being fully utilized on a PPC?
when the point is outside the curve
when the point is on the curve
when the point is inside the curve
when the point is at the top of the curve
3
Factors
of production are being bought/sold in the _____________ market
product
factor
model
mixed
4
Economic growth is best defined as:
when the total output of a nation's goods and services increases over time
what someone gives up in order to pursue economic expansion elsewhere
the questions one must ask themselves to make a sound economic decision
investing in your education and knowledge which will grow you as a person
5
Comparing the benefit of an action or purchase to the overall cost is called a(n):
trade-off
cost-benefit analysis
opportunity cost
choice
6
Which of the following is NOT one of the four factors of production?
land
consumerism
entrepreneurship
capital
7
A person, company, or country that makes, grows, or supplies goods or commodities for sale
Scarcity
Consumers
Producers
Services
8
The shift in this PPC curve outward towards points previously thought to be unattainable shows:
Economic Growth
Cost Benefit Analysis
Risks and Sacrifices
Economic Decline
9
Which is NOT one of the three questions every society must answer if scarcity exists?
How to produce
What to produce
For whom to produce
Where to produce
10
The monetary value of all final goods, services, and structures produced within a country in a 12 month period is called
Gross Domestic Earnings
Gross Domestic Product
National Profit
GDP per capita
11
Tangible items are considered:
wants
services
goods
needs
12
Point Y on this PPC represents:
Full utilization of resources
Point Y represents the future change of the curve
Not enough resources are available
Underutilization of resources
13
A person who purchases goods and services for personal use:
Consumers
Buyers
Producers
Contributors
14
Businesses sell
products
to consumers in the ________________ market.
mixed
model
product
factor
15
When a company is able to produce more while still using the same number of resources is called:
PPC
productivity
human capital
circular flow chart
16
Work performed for someone else is considered a:
good
service
want
need
17
The idea that we are reliant on other's for our goods and services
efficiency
economic interdependence
standard of living
economic output
18
Consumers when deciding how to spend their money or time also must think of opportunity costs and the idea of:
opportunity cost
PPC
factors of production
trade offs
19
A nation's wealth is made up of all of a countries goods
False
True
20
Chickens raised to produce eggs for a local grocery store are a part of which factor of production?
land
entrepreneurship
capital
labor
21
The idea that people should do the task they are best suited for to maximize efficiency and production is called:
specialization
factors of production
division of labor
product market
