Econ unit 1 Review

Farmers want water for agriculture, cities want it to drink, tourists want to swim, this is:

If your society finds more resources, where would the new curve be?

Costs are...

The second best alternative, the choice not chosen

Which point represents an impossibility based on current resources?

When I go to the store and they are out of my favorite cereal, this is an example of:

Define Economize:

Why does opportunity cost increase when you specialize production?

When you buy your first car, you are purchasing a _.

Timmy was walking home from school today and found $20! What was his Opportunity Cost?

Mexico sells us fruit in winter, they get $$ and we don't get scurvy... This demonstrates:

In the age of the dinosaurs, what was scarce?

Which point represents under-utilization?

An economist would say 'you always have a choice'.

all resources that are used to produce goods and services

which of the following are questions all people and societies must ask themselves each day?

A _ occurs when a producer decides to produce less of a product at a given price.

Humans always make logical, economical decisions.

Which point best represents war-time production?

Limited quantities to meet unlimited wants

Colleges only accept ppl with high school diplomas, high paying jobs require college degrees:

The price of propane goes up, ppl buy fuel efficient heaters b/c they'll save $. Saving $ is...

a business wants to higher people with Masters Degrees in Business Management, the degree is...

A person who organizes the factors of production to produce a good or service.

Which point represents efficiency?

Which Principle? You happily use your time to earn $ flipping burgers then buy stuff w/ the $.

The economic perspective that is often most important in determining behavior:

In a Guns v. Butter scenario, what does butter represent?

Mrs. V wants Mr. V to mow the lawn more often, what incentive could she offer?

The ground required to build a business on is an example of...

Land, Labor, Capital