Economics Chapter 1

A McChicken cost $1. That dollar amount is a demonstration of what economic concept?

Scientific advancements that make life easier would qualify as which factor of production?

Which point on the production possibilities frontier is unrealistic?

Who came up with the concept laissez-faire and the invisible hand?

Who is the wealthiest man in the United States?

Which of these is an example of capital?

The concept that the world is a global economy where each country relies on each other is?

What is the study of the behavior of individuals and households known as?

Is a $100 dollar shirt from Banana Republic an example of a want or a need?

Is an oven an example of a capital or consumer good?

If we produce 0 bread, how many books can we produce?

The concept "There is no such thing as a free lunch" is known as?

If I am a mechanic, does a wrench have a high utility or low utility?

A term that is a synonym for oportunity cost is known as a?

A  __________ is work that is performed for someone else......

The invention of the assembly line made workers do one task, creating?

When necessities like water have little value while diamonds have high value is known as?

Goods that last more than 3 years are known as:

Something essential for survival would be known as a?

Bonus Questions about Mr. Robinson: What is my favorite sports team?

Natural resources, such as trees and coal would fall under which factor of production?

The concept that says a free donut is not really free, because you pay for it in other ways is?

The cost of the next best alternative is known as a?

What is my favorite seafood item?

The usefulness of an item is known as ?

What shows us the maximum amount of products produced using all resources?

What kind of dog do you think I have?

The fundamental problem of economics is ?

The concept that states the government must choose between building an army and aiding people?

What is the opportunity cost of going from point A to be Point B?

A way to satisfy the needs, or unessential items...........

Adam Smith's idea that the government should stay out of running the economy is known as?

Which of these is not one of the three basic questions for a resource?

What is my favorite color?