Microeconomics Unit Review

Front

What is Victoria's opportunity cost if she chooses to volunteer at the animal shelter instead of learning how to play a new instrument?

Back

Learning to play a new instrument

Front

The highest-valued, next-best alternative that must be sacrificed to obtain something or to satisfy a want

Back

opportunity cost

Front

What was the opportunity cost of my decision to order pizza instead of Chinese food?

Back

The Chinese food I didn't order

Front

The word economists use to describe the problem of limited resources and people's unlimited wants and needs is...

Back

scarcity

Front

Which of these is NOT one of the three economic questions?
What goods and services should be produced?
How should goods and services be produced?
Whom will goods and services be produced for?
Where will goods and services be produced?

Back

Where will goods and services be produced?

Front

Which definition best defines scarcity?

Back

Demand for a good/service that is greater than the availability of that good/service

Front

A farmer chooses to plant wheat over corn. What is this an example of?

Back

opportunity cost

Front

Which type of economy relies on customs, traditions, and cultural beliefs?

Back

traditional economy

Front

In which type of economy does the government have complete control over the allocation of resources and the production of goods and services?

Back

Command economy

Front

Which type of economy combines elements of both market and command economies?

Back

mixed economy