Economics Unit 1

The branch of economics that deals with small scale issues.

What resource are tools (good that are used to make other goods or provide services)?

What is it called when there is not enough of something you want?

Levis decides to produce low rise jeans.

Adam Smith believed in the invisible hand theory which is a description of...

What system allows individuals to own private property?

Gerber target two year old children with their snack crackers.

If I choose to stay at home instead of going back to work after having a child, my opp. cost is

What factor of production includes efforts of individuals to develop new products?

Macroeconomics is a branch of studies:

Voluntary coming together of a buyer and seller is called...

Something people do for other people is known as...

The government answers the basic economic question in this economy.

The basic economic question is answered based on custom or ritual.

The best thing you give up when you choose something is called?

This type of economist deals only with the explanation of economic situations.

What resource is found in nature; not made.

How many basic types of economic systems are there?

They answer the basic economic question in a market economy.

______ is the additional benefit of a decision.

Losing points in this game for answering incorrectly.

The basic economic question is actually a series of questions that addresses how:

Which of the following is a microeconomic issue?

Which of the following is true of economics?

Marginal costs means...