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Unit 1 Review Flashcards | StudBud

Explore/Unit 1 Review

Unit 1 Review

10 terms·StudBud Administration·203 plays

CDH HEcon review for Unit 1

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Questions 10

Answers

1
Which of the following is an opportunity cost of going to prom?
the 50 dollar ticket
the 75 dollars that you would have made at work
the time you spend getting ready
the time you spend coming up with a way to ask your date
2
A moving truck
land
labor
capital
entrepreneurship
3
The study of how individuals and societies satisfy their unlimited want with limited resources
Economic System
Capitalism
Command Economy
Economics
4
a graph used to illustrate the impact of scarcity on the economy
cost-benefit analysis
marginal benefits
production possibility curve
economic models
5
Steve Jobs
Capital
Land
Labor
Entrepreneurship
6
Economic system that the government should decide how use all resources
Market
Mixed
Traditional
Command
7
Oil Reserves
Entepreneurship
Capital
Land
Labor
8
Which of the following does NOT describe Adam Smith's invisible hand?
producers will make a product as long as people are buying
people behave in ways that satisfy the group
the market is always trying to move towards equilibrium
a producer will set a price that satisfies them
9
economic system: allows some economic choices to be made by individuals and some by the gov.
Mixed
Traditional
Market
Command
10
Joe Mauer
capital
land
labor
entrepreneurship