Economics Unit 2

The alternative people give up when they make choices...

Opportunity Cost involves the...

PPC stands for...

Macro or Micro?: Teachers go on strike

_____ exists when there are not enough resources to satisfy human wants.

Things that are necessary for survival are known as:

The benefit or satisfaction received from using a good or service:

The study of the economy as a whole and large-scale economic activity is known as?

The study of how individuals and societies satisfy their unlimited wants with limited resources

Economists assume that people...

When a society's potential for production increases, the PPC does what?

Statements that demonstrate economic behavior as it is are known as:

The VALUE of something that is given up to get something else that is wanted:

The study of individuals, families, and businesses in an economy is known as...

Which of the following is NOT an aspect of economics:

Adam Smith wrote The Wealth of Nations.

PPCs assume all of the following except:

Statements which involve judgments of what economic behavior ought to be?

A person who buys or uses goods or services is known as a:

Simplified representations of complex economic forces are known as:

An "E" on the PPC signifies:

Desires that can be satisfied by consuming a good or service are known as:

When a society is producing fewer goods and services than what is possible:

Macro or Micro: Unemployment statistics in the US

Which of the following is not a Factor of Production:

Methods used to encourage people to take certain actions: