ECONOMICS Unit 1 Review

How many economic themes are there?

A factory, warehouse, or your teacher's computer are consider what?

Who confronts scarcity?

What economic theme assumes that both parties benefit from a trade?

Wheat, oil, wood, and fish are examples of what?

Amelia has to choose between napping, running, shopping, or grading. ALL of these choices are?

The next best alternative you give up when you make a choice is called what?

What are used to make ALL goods and services?

Teachers, store managers, bus drivers, and factory workers are all considered what?

On the job training & learning how to use a computer program to help you at work is considered?

Land, labor, capital, and entrepreneurship is what?

Nike decided to sell only 150 and unintentionally caused a riot, this is an example of?

Ambitious leader motivated by profits who combines land/labor/capital to make goods & services

Incentives cause people to behave how?

Unlimited needs and limited resources is considered what?

The __ of coming to school is learning, the __ is giving up sleep