Each worker learns one task very well.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Specialization
question
Quality of life.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Standard of living
question
Represents the range of production possibilities.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Production possibilities curves
question
Where all the factors of production are bought and sold.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Factor market
question
A fundamental problem in every society.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Scarcity
question
Measures a country's output and economic health.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Gross domestic product
question
Manufactured goods needed to produce other goods and services.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Capital good
question
Food is an example of one.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Nondurable goods
question
Reliance on others to produce goods and services we need.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Economic interdependence
question
Movement that promoted the rights of buyers.
Scarcity
Nondurable goods
Gross domestic product
Capital good
Production possibilities curve
Consumerism
Specialization
Economic interdependence
Standard of living
Factor market
answer
Consumerism
question
Paradox of value refers to the.
High value of an essential item and the low value of a nonessential item
High value of a nonessential item and the low value of an essential item
Contradiction of what consumers want and what they need
Contradiction between gross domestic product and market value
answer
High value of a nonessential item and the low value of an essential item
question
A nation's wealth is determined by its.
Accumulation of all tangible and intangible resources
Natural resources
Accumulation of all tangible products
Product possibilities frontier
answer
Accumulation of all tangible products
question
The most comprehensive measure of a nation's wealth is provided by its.
Gross domestic product
TINSTAAFL rating
Product possibilities curve
Capital Goods
answer
Gross domestic product
question
Which type of the following statements best describe the purpose of the production possibilities curve?
It predicts the future production of a nation
It identifies trends in production
It shows which products are most profitable
It identifies all possible combinations of goods and services an economy can produce
answer
It identifies all possible combinations of goods and services an economy can produce
question
Which of the following descriptions best explains the meaning of opportunity cost?
The initial cost of starting a new business
The cost of business failure
The cost of choosing one alternative over another
The risk associated with producing a new item
answer
The risk associated with producing a new item
question
Consumers waiting in long lines for a new product is an example of.
Consumerism
Consumer rights
Consumer responsibilities
Scarcity
answer
Scarcity
question
When a nation's total output increases over time, the nation is experiencing.
A decrease in gross domestic product
Economic growth
Economic interdependence
An expansion of the possibilities curve
answer
Economic growth
question
The efficient use of scarce resources leads to an increase in.
Productivity
Investment
Scarcity
Capital
answer
Productivity
question
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n).
Production possibility curve
Cost-benefit analysis
Economic model
Needs assessment
answer
Cost-benefit analysis
question
The study of economics involves.
Explaining how people deal with scarcity
Studying how things are made, bought, sold, and used
Explaining how incomes are earned and how jobs are created
All of the above
answer
Explaining how people deal with scarcity
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