Economics Chp 1 Quiz

human effort directed toward producing goods and services

• labor

• work force

• placement

• arcadian

an assumption involving two or more variables that must be tested for validity

• validity test

• hypothesis

• economics

• guesstimation

as an economic term, land refers to

• work people do

• machinery

• natural resources

• knowledge

the production and distribution of goods and services in a society

• values

• butter

• goods

• economy

the basic problem of economics is

• scarcity

• shortages

• lack of choice

• overabundance of resources

graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time

• productions possibilities curve

• possibly possible possibilities plan

• probably possible graph

• impossible possible possibilities chart

the study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants

• exports

• eHarmony

• encomium

• economics

the amount of military goods given up in a year is the opportunity cost from producing

• a productions possibilities curve

• a balanced budget

• more weapons

• more civilian goods

a theory or simplified representation that helps explain economic behavior in the real world

• Behavior Bling

• Economic Model

• America's Top Model

• Goods Guesser

value of the next best alternative given up for the alternative that was chosen

• capital gains

• opportunity lost

• opportunity cost

• plate deduction