Unit I Review

When you buy a calculator for your Unit I exam, you're in the ___ market.

The Government interacts with the product and factor markets & uses tax revenue to provide public goods & services.

If "total utility" is decreasing, what did you experience?

The Lorenz Curve illustrates

When you work and make money, you're in the ___ market.

Unemployment, TANF, and other safety net programs

Your next brownie is not as enjoyable as your first one, but it's still pretty good. What did you experience?

Are you ready for the exam during our next class?

When two students talk loudly during class & constantly disrupt the learning process they are considered

If peanut butter sandwichs and jelly sandwiches are graphed on the PPC, how would the "curve" be drawn?

The Government would ___ a negative externality like pollution.

To calculate opportunity cost when output changes, use

__ is given credit for the concept Invisible Hand.

A production possibilities curve that shows the law of constant opportunity costs will

An economic shortage is

A country with an absolute advantage would be considered

Mr. Romanowski graduated from CHS in

The invisible hand consists of

The economic system you currently live in is a

Which is a factor of production?

The cost or benefit felt due to the exchange of others is a(an)

Physical capital is best described as

The explicit cost is

A production possibilities curve that shows the law of increasing opportunity costs will