Unit 1 Econ Review

What is economics?

work done by someone else for which consumers, businesses and government are willing to pay

Government-financed projects such as dams, bridges and highways are called...

What are the big 3 economic questions?

Which point(s) shows economic efficiency?

A physical article that has been produced for sale or use

Which point(s) show the production being unattainable?

The study of economy at the level of individuals, households, and businesses.

The condition that results because people have unlimited wants and limited needs

The value of the next best alternative given up when making a choice

These are puzzles or riddles that might be explained through an economic analysis.

The Amazonian Tribes of Brazil are considered a __________________ economy.

Define resource

A lack of something that is desired.

Which point(s) show the production being underutilized?

What are the 4 factors of productions?

The branch of economics that makes value judgement, focuses on how things ought to be done

An economic diagram that shows the flow of goods and services, resources and money

Getting a post-secondary education increases your...

What are the 4 different economic systems?

This is an economic model that shows the combinations of two goods that can be produced.

The idea that limited resources forces people to make choices and thus, creates tradeoffs

The study of the workings of an economy as a whole.

The idea that people choose something when the benefits of doing something outweigh the cost.

The branch of economics that uses objective analysis to find out how the economy actually works