Basics of Economics

This term means to take small, but careful steps toward a final goal.

Which of the following is an example of an economic service?

What is represented by a shift of the curve to the right?

This is a simplified equation, graph, or figure that shows how something works.

What two characteristics must a product have in order to have economic value?

An understanding of economics is important for citizenship because it focuses on

Fertile soil reflects this factor of production.

Because of the scarcity of resources, what three questions must every society answer?

What is the economic concept reflected by the words "there is no such thing as a free lunch."

Which of the following does the study of economics concerns itself with?

Which factor of production is represented by a person who takes a risk to start a business?

A robot used to assemble a car is an example of

Which factor of production refers to a human made product used to produce other products

According to this figure, how do businesses earn revenue (business income)?

This factor of production refers to natural resources.

What refers to alternative choices given up in favor of what we select when making choices?

What happens to prices when a natural disaster reduces the supply of a resource?

People standing in line waiting to buy gasoline reflects this economic concept.

This is a way of comparing the benefits of an action to its expected costs.

According to this PPC, what is represented by points on the curve?

According to this PCC, what does point A reflect about how resources are being used?

Which of the following is an economic good?

Economic models are based on

This is an arrangement in which buyers and sellers exchange goods and services for payment.

According to fig 1.3, how do individuals earn income?