Unit #1 Economics Review

Identify which Factor of Production the listed resource is an example of: Copy Machine

Identify which Factor of Production the listed resource is an example of: Secretary

Economics is the study of money.

Identify which Factor of Production the listed resource is an example of: Steve Jobs

Economic stability is an economic goal

How is per-unit opportunity cost determined, for an "OUTPUT" problem?

In a Command Economy, private individuals control all of the Factors of Production

Which of the following statements BEST describes a Traditional Economic System?

With a Production Possibilities Curve, what assumption is made?

What is Opportunity Cost?

Full employment means having an unemployment rate of 0%.

Which of the following is NOT an economic goal?

Performing the action that has the lowest opportunity cost and depending on someone else to do the same is called...

Which of the following is NOT a reason a free market economy needs some government intervention?

Identify which Factor of Production the listed resource is an example of: Plumbing Knowledge

What does the Production possibilities Curve show?

Which of the following was a free market philosopher?

Which German philosopher do we associate with Command Economies?

Which of the following is NOT one of the primary Economic Questions that all systems must answer?

Why is there an opportunity cost associated with the production of one good over the other?

Which of the following is a limitation of a pure Market Economy?

How can you see economic growth on the Production Possibilities Graph?

In terms of Resources, the purpose of the Production Possibilities Frontier is to do which of the following?

Why are all goods and services scarce?

America is a pure market economy

Scarcity implies that people have to make____.

Identify which Factor of Production the listed resource is an example of: Temperate Climate

The resources used to make all goods and services are known as what?