Economic Final Exam

Front

Factors of Production

Back

Land, labor, and capital; services are not included.

Front

Scarcity and Choices

Back

Resources are scarce, and wants are unlimited.

Front

Opportunity Cost

Back

The most desirable alternative given up for a decision.

Front

Free Enterprise

Back

Private ownership of capital goods.

Front

Perfect Competition

Back

Most competitive market structure with no product-based advantages.

Front

Oligopoly

Back

Few large firms dominate.

Front

Monopolistic Competition

Back

Many sellers with differentiated products.

Front

Diversification

Back

Reduces investment risk.

Front

Monetary Policy Tools

Back

Open market operations, reserve requirements, discount rates.

Front

Printing Money

Back

Excess leads to inflation.