Fundamentals of Economics

Front

The condition in which there aren't enough resources available to produce everything that individuals need is__

Back

scarcity

Front

The value of goods and services that are given up in order to obtain an alternative good or service is__

Back

opportunity cost

Front

____ is the study of how individuals, businesses and governments make choices about what to produce and what to consume.

Back

Economics

Front

____ and ____ are the basic economic problems faced by every society.

Back

scarcity, choice

Front

Which of the following is an economic question that societies attempt to answer? For whom to produce? How to produce? What to produce?

Back

All are correct

Front

The 4 factors of production are__

Back

land, labor, capital, entrepreneurship

Front

The visual represents which of the following? circular flow model, production possibilities curve, all are correct, demand chart

Back

production possibilities curve

Front

The production possibilities curve is a visual representation of which concept?

Back

opportunity cost

Front

Which of the following is not one of the four factors of production: Land, Labor, Money, Capital?

Back

Money

Front

Which of the following best describes the PACED method?

Back

A model used to help choice the most valued choice in a situation