Unit 1 Final Review

Front

The condition that results from society not having enough resources to produce all things people would like to have is called:

Back

Scarcity

Front

Opportunity cost is:

Back

the value of the best alternative given up in making any choice.

Front

When a chef creates a dinner plate of food for a customer, which of the following represents the physical capital resource? the chef himself/herself, the oven, the food ingredients, the chef's training and experience

Back

the oven

Front

Manny is attending college and majoring in economics. Manny is improving his scarce resource of:

Back

human capital.

Front

When we are forced to make choices we are facing the concept of:

Back

scarcity.

Front

Which of the following is an example of labor? Workers, Water, Machines, Pizza ovens

Back

Workers

Front

Which economic system is free of any government involvement and has decisions made entirely by individuals?

Back

free market

Front

Which of the following is associated with a command economy? Competitive product markets, Use of resources for private gain, Complete government control of resources, Entry of firms into industries with economic profit

Back

Complete government control of resources

Front

Relative to a command economy, resources in a market economy are more commonly allocated by

Back

the price system

Front

The production possibilities curve shows

Back

The opportunity cost between the production of two goods