Review For Economics Final Verified Questions And Answers

REVIEW FOR ECONOMICS FINAL*ECONOMICS FINAL EXAM REVIEW UNITS 1 & 2*>>> *ECONOMICS FINAL EXAM REVIEW UNITS 1 & 2*Opportunity Cost>>> The cost (value) of what is givenup when deciding between twoalternativesScarcity>>> A Situation that exists when there are not enough resources to meet unlimited human wantsProduction Possibilities Curve (PPC) Represents:>>> a graph used to illustrate the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resourcesUnderutilization>>> Economic resources are not being used to their full potential, resulting in fewer goods and servicesEfficiency>>> Economic resources are used to produce the maximum amount of goods and servicesWHAT IS PRODUCTION IMPOSSIBILITY?>>> ANY POINT OUTSIDE OF THE CURVE THAT CANNOT BE ACHIEVEDConsumer Sovereignty>>> Consumers help determinewhat gets produced by what they buySpecialization>>> Focus efforts in one or a fewareas to increase productivityConsumer Good>>> -tangible product intended for personal use by individualsEx: cell phone, food, clothesService>>> -action performed for someoneelseEx: haircutting, cleaning, nursingcareBull Market>>> stock market prices are risingBear Market>>> stock market prices are fallingDow Jones Industrial Average>>> Daily average of the top 30 leading industrial corporationson the NYSEWhat are the factors of production?List them & define each one.