Economics Unit 1

Question 1

Name for the various different resources businesses combine to make products.

Accepted Answer

factors of production

Question 2

Businesses purchase productive resources like labor from households/individuals in the ________

Accepted Answer

factor market

Question 3

On the Production Possibilities Curve, points OUTSIDE the curve represent...

Accepted Answer

production impossibility

Question 4

Most productive economic system; allows for most consumer choice

Accepted Answer

market

Question 5

School of economics that focuses on evaluating data and making value judgements (subjective)

Accepted Answer

normative economics

Question 6

Equipment like forklifts and conveyor belts, along with the factory itself, are examples of...

Accepted Answer

capital

Question 7

Main disadvantage of this system is that it doesn't take care of the economically unproductive.

Accepted Answer

market

Question 8

Which of the following is NOT an example of a scarce economic resource?

Accepted Answer

air

Question 9

Economic system characterized by rigid (strict) gender roles and resistance to change.

Accepted Answer

traditional

Question 10

The field of economics that studies the choices of individual consumers and businesses.

Accepted Answer

microeconomics

Question 11

Enforcing strict obedience to powerful government at the expense of personal freedom

Accepted Answer

authoritarianism

Question 12

Term for when consumers choose the best combination of costs and benefits.

Accepted Answer

economize

Question 13

The benefit or satisfaction someone receives from consuming a good or service.

Accepted Answer

utility

Question 14

Early economist, historian, and philosopher; considered the father of communism

Accepted Answer

Karl Marx

Question 15

All the money a business brings in (before subtracting costs)

Accepted Answer

revenue

Questions 15