Economics Fundamentals 1 Review

Front

The fundamental problem of Economics: Unlimited wants, limited resources.

Back

Scarcity

Front

ALL alternatives given up when making a decision.

Back

Trade Offs

Front

The SECOND best alternative given up when making a decision.

Back

Opportunity Cost

Front

What is Marco's opportunity cost if he chose to buy a Play Station 4 instead of the Xbox X?

Back

Xbox X

Front

The factors of production (land, labor, capital, and entrepreneurship) are also known as this:

Back

Productive Resources

Front

What is an example of a NATURAL resource? Options: Cows, Iron, trees; Hammer, saw, a factory; A business owner; A construction worker

Back

Cows, Iron, trees

Front

Receiving the training necessary to perform a job is building what?

Back

Human Capital

Front

Getting a good grade is a(n) _______. Where people respond to rewards and punishments in predictable ways.

Back

Incentive

Front

Papa John's hired a new worker. They noticed this worker can make ten extra pizzas for them per hour. The ten extra pizzas is known as:

Back

Marginal Benefit

Front

The Honda plant divides their workers into specific jobs on their assembly line. The workers do this one task all day. This is an example of what economic principals?

Back

Division of Labor and Specialization