Econ Ch. 1

Which of the following is NOT a question that economists ask?

For something to have value, it must

Identify letter (B) in the diagram below

Entrepreneurs are considered the driving force in an economy because they

What are the gifts of nature that make production possible?

What would not be considered capital by an economist?

What is the concept that economists use to evaluate a better decision?

Worth that can be expressed in dollars and cents

The three basic economic questions are WHAT to produce, HOW to produce, and 

The fundamental economic problem where resources are finite, but economic wants are insatiable

In this PPF, what could cause production to move from point a to point e?

The dollar value of all final goods and services produced within a country's borders in a year

Identify letter (C) in the diagram below

Identify letter (D) in the diagram below

What factor of production is a tractor?

Identify letter (E) in the diagram below

Which of the following is a capital good?

Which would not be classified by economists as land?

Which factor of production includes any form of human effort exerted in production?

Economy in which consumers and privately owned businesses make most of the economic decisions

The diagram representing various combinations of goods/services that can be produced at maximum

To arrive at an economic decision, a decision making grid may be used to evaluate

study of how people try to satisfy their needs through careful use of scarce resources

Division of labor is a characteristic of

Situation where some necessities have little value when some non-necessities have high value 

The study of economics is important because it enables us to

Identify letter (A) in the diagram below

Where factors of production are bought and sold

Study the graph below.  What represents the opportunity cost in military goods given up?

Which of the following is NOT a factor of production?

An economy at its production possibilities frontier is operating

Manufactured goods that can produce other goods and services are called

Quality of life based on the ownership of necessities and luxuries that make life easier

What is the term for the individual that brings together the other economic resources?

Actions in one part of the county or work that has an economic impact elsewhere are examples of