Unit One: Intro to Economics

In what ways do people cope with the problem of scarcity?

Rivalry among sellers to attract customers while lowering cost.

Private ownership of land and capital are advantages of

Without _________ we would not have the study of economics.

A owner at a high end hotel would be considered which of the following factors of production?

Forces that encourages people and organizations to improve their material well-being.

What is the opportunity cost of moving from point b to a

Coal, water, forest and cotton are examples of which factor of production?

Which economic system would value economic efficiency

Economist use this phrase to describe the trade-off countries makes, choosing between military & consumer production.

What to produce, how to produce, and for whom to produce can be described as

If I choose to hangout with my friends and not study for an exam what is the opportunity cost?

The next best alternative as the result of a decision can be defined as

Some advantages of this economic system include a variety of goods and services as well as consumer choice.

Which of these economic systems is based on the interactions of buyers and sellers?

Which of the following are needed to produce all goods and services?

When a central authority makes all the major decision about what, how, and for whom this types of economic system exist.

What is the opportunity cost of moving from point f to b

Economic systems where consumer generally make their desires know by buying items from producers.

Cell phones, computers, and buildings are all examples of which factor of production?

Scarcity is the condition that results from which of the following?

To an economist cost means

Buyers and sellers freely and willingly engaging in market transactions.

In this economic system the use of scarce resources and nearly all other activity stems from ritual, habits, & customs.

Land, Labor, Capital, and Entrepreneurs can be defined as

In this economic system we see limited private property rights and shortages of goods and services.

Limited resources to meet unlimited wants.

People have the right and privilege to control their possessions as they wish.

Consumer sovereignty is