Business Economics: Exam 1 Review

Front

What must consumers decide to spend to get the goods and services they want?

Back

Incomes

Front

What is the significance of the magic lamp in the text?

Back

It is a metaphor for wishes and dreams

Front

Why are wants considered unlimited?

Back

Because everyone always has them

Front

Why are natural resources considered limited?

Back

There are not enough resources to satisfy everyone.

Front

How do freezing temperatures affect agriculture?

Back

They affect orange groves negatively.

Front

Who are often not part of the workforce?

Back

Elderly, young, and disabled individuals

Front

Why might qualified workers not take available jobs?

Back

They do not live in the geographic region

Front

What is an example of a decision involving opportunity cost?

Back

Choosing to buy a new phone or keep the old one

Front

What is an example of economizing in the text? Options: Using a piece of land for a shopping center, Using a piece of land for a nature preserve, Building more factories, Increasing production

Back

Using a piece of land for a nature preserve

Front

What is the purpose of asking "What am I giving up by making this choice?"

Back

To understand opportunity costs