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Unit 1 Test Review – What is Economics?
Economics is the study of…
The study of economics will help you become a better….
Define Scarcity Define Needs Define Wants There Is No Such Thing As A Free Lunch. Why?
List the Three Basic Questions of Economics
List the Factors of Production AND an example of each.
Define GDP.
What is Per Capita GDP?
What is a tangible product called in economics?
What is a service?
What are Machines that make goods are called?
Goods that last less than three years are called _____ goods.
Goods that last more than three years are called _____ goods.
How can something that has economic value be expressed?
Utility in economic terms means what?
What are Factor Markets?
What are Product Markets?
Why should a company worry about Productivity?
Explain Division of Labor.
Workers are more efficient when doing ____ tasks rather that doing _____.
What is Specialization?
What did Henry Ford create to the speed of building cars?
How can businesses invest in their Human Capital?
What makes countries Economically Interdependent?
Name three trade-offs you had last week.
What does a Cost-Benefit Analysis explain?
Explain a Free Enterprise Economy.
Name AND describe the Three Economic Systems
Give two purposes of Social Security.
Explain how Consumers “vote” in a market economy.
Draw a Production Possibilities Frontier graph.
Name,
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