Econ Fundamentals

Front

A product or service is scarce when

Back

The amount available is not enough to meet the demands of society

Front

What is the basic economic problem that all societies face?

Back

Scarcity

Front

The amount of one product that must be given up to produce one more unit of another product.

Back

Opportunity Cost

Front

Which of the following is NOT considered a factor of production? Capital, Labor, Land, Money

Back

Money

Front

Which economic system relies on central planning by the government?

Back

Command Economy

Front

What is an economic system?

Back

A way that a country or government distributes resources and trades goods and services.

Front

The production possibilities curve is an illustration of what?

Back

Opportunity costs and trade-offs

Front

What can cause a production possibilities curve to move to the right or outward?

Back

A new invention lowers the cost of production.

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods

Front

If the economy is initially at point W, then the opportunity cost of moving to point X is

Back

6 units of honey.