Economics- Unit 1 Review

A combination of goods and services outside/ (above) the PPF illustrates:

Economic System- no role confusion, basic needs are met, predictable, low standard of living

Which of the following is an investment in human capital?

Market where productive resources are bought and sold

Assignment of tasks so that each worker performs fewer functions more frequently

Specialization is a good idea because it increases efficiency and thus brings down cost.

Henry Ford's assembly line would be an example of specialization/division of labor

The situation of limited resources and unlimited needs and wants creates

Process of thinking about a potential benefit or cost to a choice is defined as:

Which of the following examples would shift the PPF upwards- (illustrating economic growth)

Risk taking individuals in search of profits

Which of the following economic system has private property?

Broad social goal of U.S. economy- right to choose your own occupation and use of your money

A good or services capacity to provide satisfaction or usefullness is known as

Any point/combination on the production possibilities frontier illustrates

Sum of people's skills, abilities, health, and motivation.

Movement along the production possibilities frontier illustrates which economic concept?

Capitalism is most closely associated with what economic system?

The act of buyers and sellers freely and willingly engaging in market transactions:

Employment in service occupations refers to:

What do economic systems do?

oil and water would be an example of which type of factors of production/productive resources

Voluntary exchange allows consumers to choose where they want to spend their money

Product intended for final use by consumers rather than businesses

Which of the following is NOT a basic economic question?

Tools, equipment, and factories used in the production of goods and services

Which of the following examples best demonstrates opportunity cost?

The desires and needs of the consumer determines what producers make is known as:

The basic problem in Economics and why people study it is due to

Broad Social Goal- fairness, illegal to discriminate based on age, race, sex, or disability

Economic System- profit incentive, lots of choices in goods and services, private property

A market economy has an advantage over a traditional economy in that a market economy

Examples of which productive resources- Hammer, copy machine, saw, and factories

Economic System- no private property, government answers the three basic economic questions

Free market system where the government has some involvement in the economy

Which group of people ultimately determine the products in a free enterprise economy?

In capitalism, the motivation for starting and operating a business is to:

Any combination/point below the production possibilities frontier illustrates

A productive resource not created by human effort (natural resources)