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Econ-Unit 1-Test

QuestionAnswer
What is economics? The study of choices that people make to satisfy their needs and wants
Study of choices made by economic actors such as , households and companies markets Microeconomics
examines the behavior of entire economies Macroeconomics
Who makes decisions? Consumers and Producers
Consumer people who decide to buy things
Producer people who make the things that satisfy needs and wants
What are decisions based on? needs and wants
Scarcity All resources are limited, however, people’s wants are unlimited
3 Basic Economic Questions what to produce how to produce it For whom to produce
list and explain the four Factors of Production Natural Resource (land) Human Resources (labor) Capitol Resources (capitol) Entrepreneurship
What is a production possibilities curve? Shows all of the possible combinations of two goods or services that can be produced within a stated period of time, given two important assumptions
What two assumptions are made when developing a PPC? The amount of available resources and technology will not during the period being studied All of the natural , human and capital resources being used in most efficient manner possible
What causes a PPC to shift? New or more advanced resources become available or resources are destroyed or taken
Created by: kasey123.kg
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