2018 HHS Economics Final Part 1

Using resources to maximize production of goods & services

Giving up one thing for another is....

Which factor of production is a truck?

A type of economy where the government decides which goods and services will be produced is...

Which factor of production is an education received while working at a job?

Which factor of production is an orange tree?

Which factor of production is water?

The resources used to make goods and services are called

Entrepreneurs are people who...

The purpose of a production possibilities graph is to

Which factor of production is a pizza oven?

The idea that there are limited quantities of resources and unlimited wants and needs is

A type of economy that relies on custom is...

Giving up one alternative for another is...

Each point in a production possibilities graph shows

The most desired thing that is lost when making a decision is

The skills and knowledge gained by workers through education and experience are

Land, labor, capital are known as...

Economics is the study of how people

Physical objects that can be exchanged are known as...

Scarcity always exists because

Which factor of production is knowledge gained by apprenticing?

Which factor of production is a factory?

A country's production possibilities will grow it

Which factor of production is the act of cutting down a tree?

Which factor of production is a college degree?