ECON Unit 1 Review

Swier can spend $20 at the school store on a Tshirt or hat. If i chose the shirt, the hat is my

What is the best title for the following list: Innovator, Strategist, Risk Taker

Work someone does for someone else

Study of choices made by households, companies and individual markets

If this company wants to efficiently produce BOTH, it could produce at which point?

Things you can see, touch, buy, or sell

If this company produces at point E, then

Examines the behavior of entire economies

The study of how people make choices

This is a factor that encourages us to do something.

Which strategy may help a company improve efficiency?

In explaining the concept of scarcity, economists make which assumption?

John has six shirts and is trying to decide whether to buy a seventh. This is an example of

Machines and tools needed to produce your product.

Susan wants to play softball and work after school. She plays softball, so what is her opp cost

For this company, point G is

Things people desire but can live without

Not having enough of a certain resource to satisfy all our wants and needs

If this company uses all its resources to produce airplanes, it will produce at which point?

Things provided by the Earth used in making a product

Things everyone must have to survive

People's wants are unlimited. This fact means that which of the following is always present?

Which of the following is NOT one of the 3 basic economic questions?

Workers at a company, like a computer operator.

People with ideas for goods/services - willing to take risks