Unit 1 Review
Vocabulary
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Which term is the study of how people choose from limited resources to meet their unlimited wants and needs?
Which term relates to why people must make choices when satisfying their wants and needs?
What term best represents the resources used to make all goods and services.
What term best represents the following individuals: Mark Cuban, Donald Trump, Steve Jobs, Walt Disney?
Which terms best represents the most desirable alternative given up of the tradeoffs?
Which term best represents the following definition, All natural resources used to produce goods and services?
What term best represents the knowledge and training a person receives?
Word Bank
Human Capital
Opportunity Costs
Economics
Land
Factors of Production
Scarcity
Entrepreneur
Facts
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What are some examples of physical capital?
What are some examples of services performed in our economy?
Fill in the 2 missing economic questions: How, ______, ______.
What is the governments role in a free market system?
What things might cause a production of possibilities curve to move to the right?
What are characteristics of a central/communist government?
What are some countries with a central/communist economy?
What are some examples of land resources?
To help the individual by protecting
competition, providing vital services,
and promoting general welfare.
Crops, oil, coal, trees, fresh water
Hammer
Factory
Delivery Car
Oven
Cuba, North Korea, USSR
Boost in resources
How?
Discovery of oil
Who?
Population increase
What?
Tire Rotation
Lawn Service
Hair cut
Nail Salon
Car Wash
-Government has all control
-Government owns
homes/businesses
-Citizens own personal items
-Citizens have limited private
property rights
Graphs
Unattainable?
Efficient?
Inefficient?
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2.
3.
What conclusion does point “A” tell you about production in the economy?
What conclusion does point “B” tell you about production in the economy?
What conclusion does point “C” tell you about production in the economy?
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5.
What factors might cause the curve to move to the right?
What factors might cause the curve to move to the left?
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7.
What is the opportunity cost of moving from point A to B?
What is the opportunity cost of moving from point C to A?
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Which arrow represents your salary, and paycheck in the factor market?
Which arrow represents households money being exchanged for goods and services in the product market?
Which arrow represents the labor/Factor of production you put in to businesses in the factor market?
Which arrow represent the goods and services businesses give to households in the product market?