Basics of Economics Mr Jackson

The opportunity cost of a decision can be examined by using a

The major problem facing all economic systems is related to

The resources used to make all goods and services are the

All of the following are false according to the economic way of thinking except:

The factors of production are

A company or person who accepts less of one thing to have more of something else is

Economics is defined as

land, labor, and capital

greatest output of goods and services through the best use of resources

When economists refer to capital resources, they are describing

All points on a PPC are:

the line that shows different production possibilities for an economy

The purpose of a production possibilities graph (PPC) is to

What is the opportunity cost of a decision?

Starts a business, brings together land, labor, and capital to produce a product.

temporary lack of one or more goods

Which of the following would NOT be classified as a capital resource?

the most attractive alternative that is given up when an economic decision is reached

all the possible alternatives that are rejected when a choice is made

a good is