Unit 1: Fundamental Economic Concepts Review

Front

Define scarcity

Back

Unlimited wants and needs vs limited resources

Front

Define opportunity cost

Back

The value of the next best alternative that must be sacrificed to obtain something else

Front

Define economics

Back

The study of scarcity, choice, and opportunity cost

Front

Define factors of production

Back

Must be present to produce goods and services

Front

Which of the following is NOT an example of labor? A person sweeping the floor, An employee supervising machines, A teacher leading a lesson, Factories to assemble cars

Back

Factories to assemble cars

Front

Which of the following is NOT an example of land? Solar energy, Fish from the sea, Oil, Robots

Back

Robots

Front

What is a word to help remember the 4 factors of production?

Back

CELL

Front

Which of the following is NOT a factor of production? Capital, Enterprise, Land, Labor, Scarcity

Back

Scarcity

Front

Define production possibilities frontier

Back

Represents various combinations of goods and services an economy can produce when all its resources are in use

Front

Explain what any point along the PPF represents

Back

Full use of resources