Econ Final Exam Review Flash Cards

Front

What is the primary focus of economics?

Back

The study of producing and consuming goods and services

Front

Scarcity

Back

A condition where resources are limited compared to wants

Front

Which of the following is NOT a type of resource? Labor, Money, Capital, Land

Back

Money

Front

Which of the following best describes renewable resources?

Back

Resources that can be replenished over time

Front

Opportunity cost

Back

What must be given up to get something else

Front

What does the production possibilities curve illustrate?

Back

How goods and services can be combined using all resources

Front

If a country chose to produce twice as many wooden chairs as before, what might happen to its production of wooden tables?

Back

Production of wooden tables would decrease

Front

What are the three basic economic questions every society must answer?

Back

What should be produced, who should receive the product, how should goods and services be produced?

Front

What are the factors of production?

Back

Land, labor, capital, and entrepreneurs.

Front

In a command economy, who primarily makes economic decisions?

Back

A central authority or government.