IA Econ Review Unit 1

The best-selling cereal in 2020 was

A productive resource not created by human effort (natural resources)

Risk taking individuals in search of profits

Movement along the production possibilities frontier illustrates which economic concept?

Revenue equals

The situation of limited resources and unlimited needs and wants creates

This picture illustrates the concept of

oil and water would be an example of which type of factors of production/productive resources

This picture best illustrates the concept of

Any point ON the PPC is considered Allocatively Efficient

Which of the following is true?

Me: "Students should not be allowed to eat in class" My opponent: "Oh! So you want all kids to starve to death!"

Examples of which productive resources- Hammer, copy machine, saw, and factories

The basic problem in Economics and why people study it is due to

The word utility in economics is best represented by this synonym:

Which of the following is an investment in human capital?

Any point/combination on the production possibilities frontier illustrates

An example of inefficiency in an economy is

The rule for marginal analysis says that an individual will take an action as long as

Which of the following examples best demonstrates opportunity cost?

Something that positively or negatively influences human behavior is called a(n)

The biggest land carnivore in the world is the

Tools, equipment, and factories used in the production of goods and services

The basic problem every economic system faces is

Which of the following examples would shift the PPF outwards - (illustrating economic growth)

Product intended for final use by consumers rather than businesses

The Law of Diminishing Marginal Utility states that

______ is a great way to approximate standard of living because it measures the productivity of the average worker

Tradeoffs are best thought of as

Sum of people's skills, abilities, health, and motivation.

The highest grossing film of all time (made the most money in theaters) is

Solve this equation:

A combination of goods and services outside/ (above) the PPF illustrates:

The additional satisfaction gained by consuming an additional unit of a good is known as

The idea that consumer self-interest & the profit motive guide what an economy produces & who receives goods & services

Employment in service occupations refers to:

The longest river in the world is the

Mr. Wallace coaches this sport at this school

Any combination/point inside the production possibilities frontier illustrates

The largest country by area is

A resource cannot be considered scarce if

Mount Everest is located in the