ReviewUnit 1& Unit 2 (Fundamentals of Econ &Economic Systems)

Front

Why would scarcity and choice most likely be basic economic problems for all people?

Back

Because resources are always limited, and people must make choices by prioritizing their needs over their wants.

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Fundamentals of Economics

SS.912.E.1.1

Front

How would scarcity and shortages most accurately be compared?

Back

Scarcity always exists and is a problem faced by all societies, while shortages are manageable.

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Fundamentals of Economics

SS.912.E.1.1

Front

What conclusions can be drawn from the map?

Back

Scarcity is not determined by the wealth of a given nation.

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Fundamentals of Economics

SS.912.E.1.1

Front

The high-fashion clothing in the photograph best represents the idea of—

Back

wants

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Fundamentals of Economics

SS.912.E.1.1

Front

As a factor of production, the instruction provided by a teacher is considered—

Back

labor

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Fundamentals of Economics

SS.912.E.1.1

Front

Purchasing a new piece of equipment for one’s factory is affecting which factor of production?

Back

Physical capital

Front

Based on the information in the table, which factor of production is conserved through the use of physical capital? Labor, Human capital, Entrepreneurship, Knowledge

Back

Labor

Front

Based on the factors of production – land, labor, and capital, what can you infer about Jane’s most urgent needs?

Back

Jane needs to acquire chocolate and avocados, find workers to produce her product, and secure financial resources to create the pudding.

Front

What economic concept is Julie illustrating in her decision-making regarding attending Harvard University or Rutgers University?

Back

Julie must determine the opportunity cost of choosing Harvard or Rutgers and decide which is most desirable for her.

Tags

Opportunity Cost

SS.912.E.1.7

Front

Which of the following accurately fills in the missing entry in the chart? Opportunity cost, Alternative factor, Additional benefit, Factor of production

Back

Opportunity cost

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Opportunity Cost

SS.912.E.1.7