Unit 1 Vocabulary
Quiz by Dshannon Mendez
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40 questions
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- Q1Limited quantities of resources to meet unlimited wantsscarcity30s
- Q2the study of how households and firms make decisions and how they interact in marketsMicroeconomics30s
- Q3the study of economy-wide phenomena, including inflation, unemployment, and economic growthMacroeconomics30s
- Q4whatever must be given up to obtain some itemOpportunity Cost30s
- Q5no government intervention in the economy - producers and consumers make all of the decisions.Free Market Economy30s
- Q6an economy in which the GOVERNMENT decides how economic resources will be allocatedcentrally planned economy30s
- Q7A curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed.production possibilities curve (PPC or PPF)30s
- Q8constant opportunity costStraight PPF30s
- Q9increasing opportunity costBowed-out PPF30s
- Q101. change in resource quantity or qualityShifters of PPC30s
- Q11See image2. change in technology30s
- Q12See image3. change in trade30s
- Q13Buildings, machines, technology, and tools needed to produce goods and services.Capital Goods30s
- Q14goods produced for present consumptionConsumer goods30s
- Q15the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resourcesabsolute advantage30s