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Prep. Unit 1

Questions that you should be able to answer

What are the three economic questions? What to produce? How to produce? For whom to produce for?
What are the 4 factors of production? Capital, Land, Labor, Entrepreneurship
The law of increasing costs means that when an economy increases the production of one item... The opportunity cost goes up
The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a... Guns & Butter issues
The opportunity cost of a decision can be examined by using a... (PPG)Production Possibilities Graph
An efficient economy is one that... uses its resources to make the most goods and services
The purpose of a production possibilities graph is to... Show alternative ways to use an economy's resources
What was the name of a philosopher of free market? (Hint: Invisible hand) Adam Smith
Why does even a free market economy need some government intervention? to provide for things that the marketplace does not address
Created by: 13AmaMcD



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