Economics Unit 1 Question Preview (ID: 2487)
Unit 1 Vocab.
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Under Utilization
a) Produce below ability.
b) Something a person can not live without.
c) Produce to ability.
d) Resources need to produce a good
Efficient
a) Guns and Butter
b) Produce below ability
c) Produce to ability
d) O.C.
What are the 3 Economic Questions?
a) Why to produce, who to produce it for, cost of production
b) How mant to produce, What people will make it, When to produce it
c) How does it work, Why is it broke, Who will fix it?
d) What to produce, How to produce it, Who to produce it for
Scarcity
a) Having a limited number of resources
b) No recources
c) Having all of the resources.
d) Land, Labor, Capital
Land
a) Anything used to produe a good
b) All the natural resources that are used to produce a good or service.
c) The work people do for money.
d) Grass and soil
Need
a) Cell Phone, Air, Water
b) Food, Water, Shelter
c) Air, Water, Food
d) Shelter, Carbon, Water
Want
a) Something a person does not need to live
b) A person that combines resources to make a new service
c) Air, Water, Food
d) Something a person can not live without.
Opportunity Cost
a) Trade Off
b) Giving up 1 thing for another
c) 3 Economic Questions
d) The cost of choosing 1 choice over another
Labor
a) The work people are paid to do
b) A physical good.
c) A person that combines resources
d) A person that helps out
Capital
a) Washington D.C.
b) Natural Resources
c) Anything that is used to produce a good or service.
d) Money
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