Unit 1 Economic Process

Front

Microeconomics is the study of

Back

smaller economic units, such as businesses and households

Front

What is the first stage of the business cycle?

Back

Prosperity

Front

Which of the following is NOT one of the four factors of production? Capital, Land, Management

Back

Research

Front

Capital refers to manufactured instruments to further production.

Back

True

Front

Which of the following is NOT a question related to production? What, How, When, Who

Back

When

Front

The good or choice you give up when you choose another good or service is known as...

Back

opportunity cost

Front

The point at which supply equals demand is known as

Back

equilibrium

Front

Technology affects demand

Back

False

Front

The basic economic problem is demand is greater than supply.

Back

True

Front

Wants can also be considered which of the following? Luxury items, Basic needs, Tangible items, Macroeconomics

Back

Luxury items