Eco Review 1 Coach Lopez

What is Scarcity?

The benefit or satisfaction gained from the use of a good or service

A want can also be a need

A trade-off is giving some of one thing to gain more of another.

A want is needed for survival?

Economizing is going to sonic everyday

Which answer best fits Economize

What is an incentive

Instead of Studying for your Test to get an A, you went to the lake with your friends, What is the opportunity and cost?

Underutilization is when a point on a PPC is outside the curve

A person who makes goods or provides services

Economic model used to describe the impact of scarcity by showing max amount of goods and services that can be produced

The study of how people choose to use scarce resources to satisfy their wants?

What is all the human time, effort, and talent that goes into making a product?

What is, the condition in which economic resources are being used to produce max amount of goods and services

Underutilization is when economic resources are being used to their full potential

Work that one person performs for another for payment

Which of the following is a need?

Which of these is a cost-benefit

A person who buys goods or services for personal use

What are the four factors of production?

Which of the following is a want