Econ Unit 1 Test Review

What is the term for Joe being able to produce cars at a lower opportunity cost than Mark?

Purchasing a MacBook to help you complete your work for your Econ class. What is the MacBook?

An economic system in which you are born into your job and barter is a form of trade

Which Principle?-Mr.Rutan started selling used comics at a kiosk in the mall.

Water, land, and food are examples of which factor of production?

What is the opportunity cost from moving production from Point B to Point C?

Which Principle?-You had one slice of pizza, then a second, and then a third. Eat a fourth?

T/F: Utility=satisfaction

Which point is inefficient?

Mr. Willis and Mr. Smialek (working as teachers) are examples of...

All the alternatives available to you in the decision making process

The next best alternative given up for the alternative chosen

Which type of incentive is this? You came to school today because it is required by law.

An entrepreneur...

This economic system values economic freedom but doesn't value economic equity.

A(n) ____ is the way a society coordinates the consumption of goods and services.

Economics is the study of how people choose to use their...

Which type of economics is based on studying the whole economy?

____ is the limitedness of a resource/ forces tradeoff.

Which type of economic analysis is based on how things really are?

Who is the "Father of Modern Economics?"

Which type of economics is based on studying decisions by individuals, houses, and businesses?

Which Principle is a factor in the concept of "There's No Such Thing As A Free Lunch"?

What are the three pure types of economic systems?

Becoming an expert at one job or skill