SSEF1 SSEF3 Test Review

4 Factors of Production

Which point represents inefficient production?

The benefit profit or value of something that must be given up to acquire something else

Economic condition with unlimited wants and limited resources

How many workers would cause the marginal costs to exceed the marginal benefits?

Deciding to pay for a piano lesson instead of going to a movie describes which econ principle?

The PPF curve represents reveals which law of opportunity cost?

A risk taker who combines the factors of production to produce new goods and/or services

An economy experiencing high levels of unemployment wd most likely be producing at which point?

What curve is depicted in the picture?

Apac would benefit from a stimulation of which type of resource? more info coming..

______ is created through the interactions of buyers and sellers

"Marginal benefit" is MOST related to what economic concept?

Place where businesses sell final goods and services to households

The skills, knowledge, & experience possessed by an individual or populati

machinery & production equipment used for factories and other manufacturing facilities

Who own the productive resources in the circular flow model?

Where do households earn the money they use to buy final goods and services?

the total value of goods produced & services provided in a country during one year.

Branch of knowledge concerned with the production, consumption, & transfer of wealth.

Which example of productive resources is matched correctly?

Consequence of specialization or division of labor

A company produces 2 products. All of the points represent possible product output EXCEPT

If the output of Y was reduced, which pt on the curve would BEST represent the likely result?

Something that motivates an individual to perform an action

The opportunity cost of a move from point A to point B is

What is an implicit opportunity cost of attending technical school?

As the production of a good increases, the opportunity costs of producing another unit rises

When the PPF Curve shifts to left, what is happening in the economy?

Which of these terms is the BEST synonym for the word "entrepreneur"?