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Economics Chapter 1 Quiz
a line on a production possibilities curve that shows the maximum possible output an economy can produce
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opportunity cost
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physical capital
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scarcity
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production possibilities frontier
something essential for survival
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goods
0%
need
0%
land
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want
the use of fewer resources than an economy is capable of using
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thinking at the margin
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efficiency
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underutilization
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scarcity
all natural resources used to produce goods and services
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labor
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human capital
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land
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capital
a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa
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thinking at the margin
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efficiency
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guns or butter
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underutilization
the study of how people seek to satisfy their needs and wants by making choices
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economics
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efficiency
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opportunity cost
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scarcity
any human-made resource that is used to produce other goods and services
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labor
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capital
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services
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land
the effort people devote to tasks for which they are paid
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capital
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land
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physical capital
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labor
the principle that limited amounts of goods and services are available to meet unlimited wants
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scarcity
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capital
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opportunity cost
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efficiency
the actions or activities that one person performs for another
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labor
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services
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goods
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capital
the use of resources in such a way as to maximize the output of goods and services
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efficiency
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underutilization
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scarcity
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opportunity cost
an economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second good or service
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factors of production
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cost/benefit analysis
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law of increasing costs
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production possibilities frontier
something that people desire but that is not necessary for survival
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shortage
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scarcity
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want
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capital
the extra cost of producing one unit
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scarcity
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marginal cost
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opportunity cost
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marginal benefit
the knowledge and skills a worker gains through education and experience
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physical capital
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human capital
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land
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labor
the physical objects that someone produces
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services
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goods
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labor
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capital
the resources that are used to make goods and services
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capital
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factors of production
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scarcity
0%
labor
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