Economics Chapter 1/2 Review

Which is a Microeconomics question?

He 'founded' economics and theorized the 'invisible hand'

Which explanation does NOT represent scarcity

Why is choice a key component of economics?

the idea that people are allowed to make choices within the market

The biggest resource that each of us own right now as high schoolers is

The government controls resources in this type of economy

key pillar of free enterprise that allows and encourages people to focus on producing one thing

In the US we believe that economic growth is key because

Opportunity Cost

How can we make the flow of money move faster?

The opportunity cost of you coming to school today

Which is not one of the three basic resources

studies how people acting individually or in groups decide to use scarce resources

Which is not a goal of the US economic system

Profit

3 basic questions of a market economy are each EXCEPT

the using of a product or service

Process of getting a product or service to a good or consumer

this pillar communicates a message to between buyers and sellers as to the value of goods

The imagination and innovation needed to start and operate a business

When you begin to measure the overall benefit of the resources it takes you are thinking at____

The model that explains how money and resources move through the economy

process that combines economic resources to create a consumable good or service

These things make up the factors of production

Hamburgers cannot be used as money effectively because it cannot

The invisible hand theory was created to answer the question

The process of turning a consumer's desire into a product while fulfills that need

The concept used alternatively to money to exchange goods and services

Which is a Macroeconomics question?