Economics Final Review

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

The amount of money a business makes after its expenses are paid

Back

profit

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

Front

What do economists mean by the term "scarcity"?

Back

Having too few or too little of resources

Front

The opportunity cost of a good is

Back

the alternative goods forgone.

Front

The production possibilities curve is an illustration of what?

Back

Opportunity costs and trade-offs

Front

All of the things necessary for production are known as:

Back

Resources

Front

WHAT ARE THE 4 FACTORS OF PRODUCTION?

Back

Land, Labor, Capital, Entrepreneurs

Front

What is Economics?

Back

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

Front

Which of the following is an example of a trade off? Buying popcorn or ice cream, Going to class and having fun, Wearing a sweater during the winter, None of the above

Back

Buying popcorn or ice cream