Economics Review

I can only choose popcorn or a box of candy at the movies. I buy popcorn. What's my opp cost?

There are 4 factors of production. Which one IS NOT one?

Which choice below is an example of a service?

The talents and skills of human beings

The people who make goods using the factors of production

The people who buy and use goods and services

Resources supplied by nature

These people have skills and leadership abilities to start a new business and create goods

I own a large farm, which grows trees that I sell to make paper. Which Factor of Production?

The value of the second best choice; what is given up after you choose something else

When you buy goods from another country to be sold or used in your own country, you are ...

When you sell products to another country you are ....

If a lot of people want something, but there is only a limited amount...

The production of only a few products instead of many different products

Which is an example of a good?

Human made materials/goods that help producers produce something else

The people who complete work, such as teachers, construction workers, lawyers, and salesmen...

The study of the production, distribution, and consumption of goods and services