Econ-Ch.1 Review Quiz

hint	answer
quality of life based on the possession of necessities and luxuries that make life easier
process of creating goods and services
The situation in which some necessities have little value while some non-necessities have a much higher value is known as what?
Increased _______ can cause the PPF to shift outward.
What, how, and for whom to _____ are the three basic economic questions.
If the percent of households with TV's and Cars is increasing, what economic idea is increasing as well?
Tools and machinery are in what factor of production?
any good that lasts three years or more when used regularly
diagram representing various combinations of goods and/or services
The production possibilities frontier shows the various possible combinations of output that can be produced when all ____ are full employed.
The ____ of production include land, labor, capital, and entreprenurs.
The study of economics is important because it enables us to become better _____ _____.
way of expressing a need that leads to a preference for some goods over others
item that is economically useful or that satisfies an economic want
market where productive resources are bought and sold
____ ___ ___ is a key measure of a nation's economic health.
The money used to buy the tools and equipment needed for production is called what?
basic requirement for survival
Manufactured goods needed to produced other goods and services is called what?
worth that can be expressed in dollars and cents

hint	answer
people with all their efforts, abilities, and skills.
process of using up goods and services to satisfy wants and needs
An economy at its ________ _______ ________ is operating at full potential.
Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of what?
condition of not having enough resources to produce all the things people want
If all resources are not being utilized, a country will be operating ____ their PPF.
Natural resources are in what factor of production?
work that is performed for someone
tools, equipment, machinery, and factories used in the production of goods and services
alternative choices made by consumers in the marketplace
The assembly line is an example of what economic idea?
economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions.
The dollar value of all final goods and services is called ______.
Economic _______ causes the production possibilities frontier to shift outward.
manufactured goods that are used to produce other goods
study of how people try to satisfy their needs and wants through the use of limited resources
A popular model used to illustrate the concept of opportunity cost is called what?
cost of the next best alternative use of money, time, or resources when one choice is made rather than another
When economic growth takes place, the ____ shifts outward, showing that more products are produced than before.
sum of those economic products that are tangible, scarce, useful, and transferable

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