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Refers to man made goods, such as tools, which are used to produce other goods
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
Which of the following is not an example of an increase in productivity?
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
Are: 1) What should I produce? 2) How much should I produce? 3) Who will buy the goods or services?
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
The condition of scarcity exists because
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
What is the measure of economic performance that indicates how efficiently inputs are converted into output?
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
All the things used in producing goods, services, buildings, ideas
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
What is the quantity of goods or services produced?
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
Opportunity cost is
there aren't enough resources to produce everyone's wants.
Productivity
3 economic questions
Is what you give up when you make a choice;
Output
Physical capital
Natural Resources
Producing more output with more inputs
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