Fundamental Economic Concepts

The basic problem that is faced by all countries and all people is known as __________.

The Productive Resource of mental labor is called what?

As companies produce goods and services, they often practice Marginal Analysis. What is Marginal Analysis?

A teenager named Rosa started a pet walking business. She represents which productive resource?

Sam works as an accountant at Chick-fil-A. Which of the following describes which productive resource this represents?

Economic decisions involve opportunity costs? What is an opportunity cost?

A company is trying to decide if they should produce more of one product over another. They will carry out............?

Which of the following factor of production is an example of Capital?

Productive Resources (also called ________) categorize what is needed to produce goods and services for customers.

The oil fields of West Texas represent which of the four Productive Resources?

In space, Astronauts get what?

Any thing humans can put to productive use—money, time, info, machines, farmland, etc.

Economic decisions must be made because of scarcity. Which sentence BEST describes scarcity?

Which is True?

If the marginal benefit is greater than the marginal cost you've made a(an) _________ decision and you should do it.

Which is the best definition for economics?

You decide to spend $20 on a football ticket instead of a $20 shirt. The opportunity cost is...

Education is the business of Sequoyah High School. The building at Sequoyah East represents which Factor of Production?

Pablo starts a taxi cab business. The cabs represent which productive resource?

The study of the decisions we make based on not enough resources to satisfy our unlimited wants.