Econ and Fin. Lit. Chapter 1 Review

Which of the following is not a factor of production?

The graph that shows opportunity cost is a?

When you make a choice, you had to give up something else. That something else is the ______________of your decision.

An example of capital, one of the factors of production, would be?

What is the maximum number of TV we can make if we make ZERO radios?

The main problem that drives the study of economics is

Which of the following COULD be the opportunity cost of attending school for 6 hours

Goods that are used to produce consumer goods are known as?

What is happening at point "1" on the following graph?

The main economic problem is?

Teachers, plumbers, farmers, chefs are all considered to be ________________. One of the four production factors.

how many radios are given up when we move from point "A" to point "C?"

Because of scarce resources, society is forced to make difficult ___________about what to make?

What is happening at point "2" on the graph?

When you have to give up some of one item to get more of another item

Which point along the PPC is the "best" point?