Economics Exam Review

Front

Any resources that are made by humans and used to create other goods and services are called _____

Back

Capital

Front

An example of a shortage is limited amounts of ______.

Back

food available because the trucks carrying it are on strike

Front

The resources used to make all goods and services are the ____.

Back

factors of production

Front

The purpose of a production possibilities graph is to _____?

Back

show alternative ways to use an economy's resources

Front

An efficient economy is one that ____.

Back

uses its resources to make the most goods and services

Front

The opportunity cost of a decision can be examined by using a ____.

Back

Production possibilities graph

Front

Why are all goods and services scarce?

Back

All resources are scarce

Front

What is the opportunity cost of a decision?

Back

the most desirable alternative given up for the decision

Front

What is a factory building an example of? Options: human capital, an economic trade-off, physical capital, technology

Back

physical capital

Front

The lack of which of the following represents a scarcity? Options: orange juice because the trucks carrying it are on strike, enough workers to finish two jobs because there's a limited supply of workers, enough workers to work at night because the pay is too low, grapefruit juice because very few people want to buy it

Back

enough workers to finish two jobs because there's a limited supply of workers