Econ Unit 1 Review

The total amount of money in an economy is what?

What causes you to get less satisfaction from each additional bowl of cereal you eat?

How do banks make money?

Goods that have trade value are called

The M1 money supply plus money saved in various other kinds of accounts or funds is what?

The four factors of production are what?

Looking at the Production Possibilities Curve, which point would be unattainable?

After graduation, you have choices; job, college, military, etc. If you go to college, the choices that you gave up are?

The basis of economics is what?

A card that authorizes you to purchase goods and services with borrowed money?

Which is not a good store of value?

Which would be an example of a good?

Anything owned to which a market value can be assigned?

Money must be accepted as payment for goods and services because it is what?

Which would be considered near-money?

What is an example of a renewable resource

Looking at the Production Possibilities Curve, which three points are attainable and efficient?

You can to go to the movies with friends or study for a test.  You go to the movie, what is the opportunity cost?

What would be a problem with using salt as currency?

Looking at the Production Possibilities Curve, which is attainable but inefficient?

What term would an economist use to describe the sickness you are feeling by your third bowl?

The risk taken by someone who combines land, labor and capital to produce goods and services is an example of what?