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Econ Unit 1/2 Review Flashcards | StudBud
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Econ Unit 1/2 Review
Econ Unit 1/2 Review
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1
An additional unit of production/consumption
Elasticity
Utility
Market Exchange
Marginal
2
People have unlimited
Wants
Services
Needs
Whiney Instagram posts
3
Lost value of the next best alternative
Opportunity Cost
Scarcity
Value Cost
Sunk Cost
4
A production possibility curve shows that all things in life involve
a tradeoff
energy
effort
costs
5
Condition in which limited resources meet unlimited desire to utilize them
Sunk Cost
Ceteris Parabus
Model
Scarcity
6
Used by companies to determine efficiency of resource utilization
Differentiation
Scarcity
Production Possibilities Frontier
Marketing/Branding
7
When a country/person/company produces a particular good
Disparity of Trade
Manufacturing Goals
Specialization
Market Share
8
A country's production possibilities will grow if it...
makes more trade offs
produces more guns than butter
increases its resources
lowers its opportunity costs
9
division of labor is a characteristic of
home craft businesses
classroom education
assembly line production
entrepreneurship
10
Points inside the production possibilities curve...
Are attainable with full use of resources.
Represent unused or misused resources.
Result in more rapid growth.
Are unattainable.
11
Comparative advantage : ______
lower opportunity costs
more production
more sales
lower sales
12
The study of specific/limited economic conditions/systems
Macroeconomics
Laissez Faire
Command Market Sytems
Microeconomics
13
An item that people buy
Capital
Labor
Manufacturing
Goods
14
What is absolute advantage
A person is able to produce less of a good than another
A person has lower opportunity cost to produce than another
A person has higher opportunity cost to produce than another
A person is able to produce more of a good than another
15
What is comparative Advantage?
A person is able to produce less of a good than another
A person's opportunity cost to produce is lower than another
The opportunity cost to produce is higher than another's
A person is able to produce more of a good than another
16
Machines, buildings, tools, etc
Labor
Captial
Production
Services
17
A production possibility frontier represents
the technology that should be used.
the maximum amount of goods that can be made.
how many people to hire.
the resources that should be used.
18
Having to give up one thing to gain another is called
Trade-off
Scarcity
Wants/Needs
Opportunity Cost
19
Identify the curve in this image
Demand Curve
PPF
Supply Curve
Market Curve
20
Any production point outside the production possibilities frontier:
Is attainable only if prices rise.
Is associated with unused resources.
Is unattainable.
Is attainable only if prices fall.
21
Point B on the following production possibilities graph is considered...
maximum efficiency with given resources
an increase in production
underutilization
impossible to reach with given resources
22
Division of labor
Lack of social mobility
production process with a clear hierarchy to enable owners to work less
Social stratification
production process where workers are assigned tasks to increase efficiency
23
_________ is that basis of all economics
Resources
Money
Markets
Scarcity
24
Graphic display of economic information
Model
Bar Graph
Curve
Chart
25
What is another named for the production possibilities curve?
production possibilities border
production possibilities frontier
production possibilities edge
production possibilities perimeter
26
Absolute Advantage : _____
lower sales
more production costs
more production
more sales
27
Natural resources could include water, minerals, and ____
Land
Services/Knowledge
Technology
Employees
28
Natural resources, capital, and labor are factors of _____
Technology
Production
Wants
Services
29
People who take risks to provide a good/service to a market
Entrepreneurs
Manufactures
Market Wizards
Consumer
30
Economics is about making __________
Capital
Choices
Money
Resources
31
Why is specialization important?
It causes self-sufficiency.
It eliminates the need for trade.
It causes the production possibilities graph to decrease.
It leads to higher efficiency.
32
Identify the inefficient point on this curve
B
G
F
C
33
an economy at its production possibilities frontier is operating
with slow economic growth
at full potential
as a free enterprise economy
without division of labor
34
Economic system in which government makes all decisions about resource allocation.
Transitional
Strong Command
Moderate Command
Free Market
35
Which nation has the absolute advantage in producing cars?
Neither
Both
Country B
Country A
36
People who do work for others for a fee provide ______
Services
Technology
Wants
Needs
37
Each worker completes a portion of a job
Scarcity
Manufacturing
Division of Labor
Production Possibilities
38
"All things remain the same"
Law of Non-Flexation
Ceteris Parabus
Opportunity Cost
Value Cost
39
Which nation has the absolute advantage in producing trucks?
Both
Country A
Neither
Country B
