Chapter One Review
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| The economic term SCARCITY is most often used to refer to | the condition of limited resources and unlimited wants
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| The term OPPORTUNITY COST is best described as something that | a person gives up when a choice is made
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| To an economist, factors of production are also called | inputs
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| In a system of voluntary exchange, people | freely trade for the goods and services they need or want
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| The decision to convert a piece of farmland to city housing represents | a choice to allocate scarce resources to another us
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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