Chapter 1 Econ.

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1.
7 points
What factor of production is made up of the people and their skills/abilities?
2.
7 points
What are you producing, when INSIDE the frontier curve?
3.
7 points
What does a Production Possibility Frontier (PPF) show?
4.
7 points
What are trade-offs?
5.
7 points
What factor of production is made up of the risk takers, those who start up new businesses?
6.
7 points
What are the THREE basic questions of economics?
7.
7 points
What is an example of a "good"?
8.
7 points
What is considered a "service"?
9.
7 points
What is Opportunity Cost?
10.
7 points
What happens to the Production Possibility Frontier Curve (PPF) when a company grows in assets like opening new branches or obtaining more machines?
11.
7 points
All of the following are factors of production EXCEPT:
12.
7 points
What factor of production is considered the natural resource, or not created by humans?
13.
7 points
Why is it important for U.S. citizens to study and understand economics?
14.
7 points
What factor of production is made up of the equipment and factories that are used in production?
15.
7 points
what are you producing when ON the Possible Production Frontier curve?