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- 1. Multiple Choice
The study of how society chooses to use scarce resources to satisfy its unlimited wants and needs.
Economics
Microeconomics
Macroeconomics
Capital Resource
- 2. Multiple Choice
The study of a single factor of an economy - such as individuals, households, businesses, and industries - rather than an economy as a whole.
Microeconomics
Macroeconomics
Productivity
Opportunity Cost
- 3. Multiple Choice
The study of an entire economy or one of its principal sectors.
Macroeconomics
Microeconomics
Scarcity
Factors of Production
- 4. Multiple Choice
A resource used to produce goods and services.
Factors of Production
Capital Resource
Capital Good
Production Possibilities Curve
- 5. Multiple Choice
An item that is used in the production of other goods and services.
Capital Resource
Capital Good
Opportunity Cost
Economics
- 6. Multiple Choice
A building, structure, machine or tool that is used to produce goods or services.
Capital Good
Capital Resource
Scarcity
Macroeconomics
- 7. Multiple Choice
The fundamental condition of economics that results from the combination of limited resources and unlimited wants.
Scarcity
Productivity
Microeconomics
Macroeconomics
- 8. Multiple Choice
The level of output that results from a given level of input.
Productivity
Economics
Opportunity Cost
Production Possibilities Curve
- 9. Multiple Choice
The value lost by rejecting one use of resources in favor of another.
Opportunity Cost
Production Possibilities Curve
Factors of Production
Capital Good
- 10. Multiple Choice
A graphic representation showing all of the possible combinations of two goods or services that can be produced in a stated period, assuming that the amount of available resources and technology will not change during the period, and that all of the national, human, and capital resources involved are being used in the most efficient manner possible.
Production Possibilities Curve
Opportunity Cost
Productivity
Factors of Production
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