Economics/Personal Finance Final Exam Study Guide

Front

Taking advantage of a worker's skills and allowing them to focus on a specific task

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specialization

Front

When producers/consumers make choices, they should examine the 2nd best option

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opportunity cost

Front

An acre of land, water and oil are examples of this type of resource

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natural

Front

Basic problem of economics in which there are limited resources & unlimited wants

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scarcity

Front

Improvements in healthcare, education and production can lead to an improved overall well-being for citizens which is called

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standard of living

Front

The study of the choices people make to satisfy their wants and needs

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economics

Front

This shows the various combination of two products that could be produced with efficient use of resources and technology

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production possibilities curve

Front

Investment in training of workers will improve this type of resource

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capital resources

Front

If the marginal benefit is greater or equal to the marginal cost, it can be assumed that the choice is a

Back

rational decision

Front

The incentive for entrepreneurs to start a business

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profit motive