Econ Chapters 1 and 2

refers to individuals ability to start new businesses, to introduce new products and techniques and improve management in existing businesses

• entrepreneurship

• capital

• factors of production

• technology

Things used to produce goods and services are called

• opportunity cost

• factors of production

• technology

• capital

What are the four factors of production that are used to create goods and services? Select all that apply

• land

• labor

• capital

• entrepreneurship

The next best alternative that had to be given up for the alternative that was chosen is called

• production possibilities

• opportunity cost

• max opportunity

• cost-benefit analysis

the study of how individuals and nations make choices about how to use scarce resources to fill their wants and needs is called

• Production possibilites

• Scarcity

• economic markets

• Economics

people do not have enough money, time, or resources to satisfy every desire. This is known as

• not enough time

• scarcity

• equal opportunity

• trade offs

all the combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.

• Production totals

• Production possibilities

• opportunity cost

• trade offs

This is a production possibilities curve for fictional country-Aslahan: What is the maximum amount of pineapples Aslahan could produce?

• 10

• 20

• 50

• 30

production of only 40 pineapples would allow Aslahan to produce __ crabs

• 2

• 30

• 8

• 10

The maximum # of crabs Aslahan could produce is

• 20

• 21

• 30

• 10