Econ Unit 1 Test Review

An entrepreneur...

Which type of economics is based on studying the whole economy?

All the alternatives available to you in the decision making process

____ is the limitedness of a resource/ forces tradeoff.

Which type of incentive is this? You came to school today because it is required by law.

Purchasing a MacBook to help you complete your work for your Econ class. What is the MacBook?

Which Principle?-Mr.Rutan started selling used comics at a kiosk in the mall.

Who is the "Father of Modern Economics?"

The next best alternative given up for the alternative chosen

T/F: Utility=satisfaction

An economic system in which you are born into your job and barter is a form of trade

Which point is inefficient?

Which Principle?-You had one slice of pizza, then a second, and then a third. Eat a fourth?

Which type of economic analysis is based on how things really are?

Water, land, and food are examples of which factor of production?

A(n) ____ is the way a society coordinates the consumption of goods and services.

What is the term for Joe being able to produce cars at a lower opportunity cost than Mark?

Economics is the study of how people choose to use their...

Mr. Willis and Mr. Smialek (working as teachers) are examples of...

Becoming an expert at one job or skill

What are the three pure types of economic systems?

What is the opportunity cost from moving production from Point B to Point C?

Which Principle is a factor in the concept of "There's No Such Thing As A Free Lunch"?

This economic system values economic freedom but doesn't value economic equity.

Which type of economics is based on studying decisions by individuals, houses, and businesses?