Unit 1 Review

Front

Economic concept: Limited resources vs. wants

Back

Scarcity

Front

Scarcity results from:

Back

Limited resources and unlimited wants

Front

Scarcity exists due to:

Back

Unlimited human wants

Front

Scarcity of resources

Back

Limited relative to people's desires

Front

Scarcity and decision-making

Back

Requires choices for limited resources

Front

Factors of Production

Back

Land, labor, capital - essential resources for creating goods and services.

Front

Opportunity Cost

Back

Potential gain given up when choosing one option over another.

Front

Letter E in the graphic

Back

All resources are not being used.

Front

Opportunity cost of studying instead of partying

Back

Value of the highest-ranked alternative given up

Front

Opportunity cost in decision-making

Back

Key consideration in resource allocation