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    This document contains a study guide for economics with definitions and questions on key concepts. It covers topics like scarcity, opportunity cost, the three types of economies and how decisions are made in each, factors of production including natural, human, and capital resources, the three basic economic questions of what, how, and for whom to produce, definitions of goods and services, entrepreneurship, and microeconomics and macroeconomics. Multiple choice and short answer questions test understanding of these foundational economic ideas.

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    Adobe Scan Feb 23, 2022

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    This document contains a study guide for economics with definitions and questions on key concepts. It covers topics like scarcity, opportunity cost, the three types of economies and how decisions are made in each, factors of production including natural, human, and capital resources, the three basic economic questions of what, how, and for whom to produce, definitions of goods and services, entrepreneurship, and microeconomics and macroeconomics. Multiple choice and short answer questions test understanding of these foundational economic ideas.

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    Notes for class

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    This document contains a study guide for economics with definitions and questions on key concepts. It covers topics like scarcity, opportunity cost, the three types of economies and how decisions are made in each, factors of production including natural, human, and capital resources, the three basic economic questions of what, how, and for whom to produce, definitions of goods and services, entrepreneurship, and microeconomics and macroeconomics. Multiple choice and short answer questions test understanding of these foundational economic ideas.

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    © All Rights Reserved
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    6 views2 pages

    Adobe Scan Feb 23, 2022

    Uploaded by

    Lazarus Gauthier
    This document contains a study guide for economics with definitions and questions on key concepts. It covers topics like scarcity, opportunity cost, the three types of economies and how decisions are made in each, factors of production including natural, human, and capital resources, the three basic economic questions of what, how, and for whom to produce, definitions of goods and services, entrepreneurship, and microeconomics and macroeconomics. Multiple choice and short answer questions test understanding of these foundational economic ideas.

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    of 2

    L"-zru"\AS

    Economics Unit lStudn Guide


    r-n;:-;;::;;~~- - - -
    QUESflON
    Name O-OJ.dh\tX
    Date ~ ~ O .
    "-:J,1__....:..:_:-=---,--.:-::=--__:__ _ _ _ _ _ _ _ _-=---~
    ANSWER
    wu,Jl .
    1 What is opportunity cost?
    ~\off of fot'«\tio.1 ~aln fr-GNl o~er cJtv"V\a.fb~tf
    IVl\t.n . oM. .- ~nJ-f'la.t i~ 4"0S'.e,h.
    2. What is scarcity?

    3. How are decisions made in each of !.Traditional:~ \f\·l~t.S i,l6--u'S


    these types of economies?

    . 2.Command: . ~Vt('V\Wlei'\-\- the V\ol4 o V\

    3. Market: ih~•~iJ~
    ..• __,/
    ttvl~ trN~c. ~wfnti I

    4. Define natural resources. Give 2


    examples.
    ·o,\1 tC>cJJ l'\~<lAbo..\ 1 meA<J,, s~c e.Vld s~
    6~ 1/\dWlM r<-.rowuS' ~: SIA.f\lig_h~,B6,\
    w I.J~ ~~·~f.

    5. Define human resources. Give 2 .


    examples.

    6. Define capital resources,._Give 2


    examples.

    7. What are the three basic economic t.ww -h> fN>~


    questions?
    a. \16u., ~G· frow.e._
    ; , WhE» h ~e. fot""
    8. What are the 4 Factors of production? t.L~
    2.kbO"
    3. U>.f lt-o.,\

    4. Ev-ate fM~Sh\'yl
    9. Write the definition of a "good" & ~\\yu"" ~St.~~e.k"' c.o'f(lf<>£l'f t....~~ h fro ~
    give an example.
    t, t~ces~ fr-o~ lf!V~~-
    I0. Write the definition of a "service" &
    give an example.

    11 . Define an "Entrepreneur" & give an


    example. rs
    8~.Q l'\¼Jc90~~ a
    t).tofle.; 'Jtff B..t.-?6S 1 BH\ ~s1 E:loA tv11Af/f
    12. The study of how finns, nations and
    individuals best allocate their limited
    resources is called what?
    E(6\'\om iC.S
    13. What term do we use to describe
    items that are necessary for our survival?
    14. Computers, trucks, hammers, and _ ,
    other man-made materials would be with · ,\-dA Q.f <>..rt£,5
    factor of production?
    15. What is entrepreneurship in a
    capitalist economy?

    16. The study of how finns, nations, and


    individuals best allocate their limited
    resources is called what?

    17. Define Macroeconomics?

    18. What is a common trait that mixed


    and market economies share with one
    another?
    19. Why would the owner of a business
    assign teams to perform several specific
    1asks in that business?
    20. Generations offarming have defined
    which type of economy?
    21. Under which economic system would
    the factors of production most likely be
    owned by the government?

    22. The economy of the United States is


    often described as which type of
    economy?

    23. Define Microeconomics

    24. What part of the Factors of


    Production is Jeff Bezos?

    25. A purchase of four new pairs of a


    highly sought-after shoe could be
    described as fulfillin a:

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