Economics Unit 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | The study of people and choices.
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| Microeconomics | show 🗑
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| Macroeconomics | show 🗑
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| Scarcity | show 🗑
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| show | Any Decision between two or more alternatives.
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| show | Next best alternative between two alternatives. Benefit lost in making a choice between two competing alternatives.
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| show | Anything you give up in an opportunity cost situation.
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| Factors of production | show 🗑
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| Marginal Thinking | show 🗑
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| show | Anytime something is created.
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| show | Graph used to show Opportunity Cost (PPF shows constant opportunity cost, PPC shows Varying Opportunity Cost)
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| Economic Systems | show 🗑
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| 3 Basic economic questions | show 🗑
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| show | Supply and Demand drive this economy. Individuals answer the 3 economic questions.
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| Public goods and services | show 🗑
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| Circular flow diagram | show 🗑
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| show | Market that has to do with what is being produced.
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| Factor market | show 🗑
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| show | Sellers in the market for resources.
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| Firms | show 🗑
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| show | When needs outweigh the resources.
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| What trade-offs appear on a production possibilities frontier? | show 🗑
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| show | Each has some level of Government involvement, while only a market and mixed gives the individual power to make decisions.
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| How does each economic system answer the three basic economic questions of what to produce, how to produce, and for whom to produce? | show 🗑
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| show | Regulate Commerce and keep the economy flowing.
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| show | Households by products from the firms, firms use the money to create more products, that households than by again. Repeat cycle
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| show | money is used as a store of value, unit of account, and medium of exchange.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
heatherrb
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