Economics Chapter 1

Which of the following is an example of labor?

Having a nicer apartment means having a smaller car. This is called...

A person who combines land, labor, and capital to create and market new goods and services

The most desirable alternative given up as the result of a decision

Limited quantities of resources to meet unlimited wants

When a producer cannot meet demand due to a temporary condition.

In this chart, points A, B, and C represent ....

Which of the following is not a factor of production

An alternative sacrificed to make a decision

The study of how people seek to satisfy their wants and needs by making choices.

As we move toward the tails of the curve, the opportunity cost...

In this chart, point D represents...

Point E could only be achieved through....

Any human-made resource used to create other goods or services

Human skill and knowledge is an example of ...

Selecting from points A, B, or C is called...

Which of the following is NOT an example the use of land as a factor of production?

When peoples wants and needs are greater than their resources, this is called...

Using fewer resources than an economy is capable of producing

Tools factories and roads are examples of which factor of production?