• Economic Review
    Chapter 1
    1. What do Micro Economist and Macro Economist Study?
    2. What is a Consumer?
    3. What are Examples of Human Needs?
    4. What are Resources?
    5. What are the Factors of Production?
    6. What is the difference between a consumer and a Capital good?
    7. What is efficiency? How does Technology effect efficiency?
    8. What is an entrepreneur? 
    9. What is allocation?
    10. Economist generally believe that this is a basic fact of economic life?
    11. What is scarcity?
    12. What is specialization? How does it help productivity?
    13.  What is opportunity cost? You want to by pants and shirt. You only have enough for one and buy the pants What is the opportunity cost?
    14. What does a production possibility curve illustrate?

    15. When a new product is introduced this curve will move in which direction?
    16. If an important resource becomes unavailable which direction does it move?
    17. What do points A, G, and F mean?
    18. The means of exchange that relies on bargaining is called?
    19. A standardized means of exchange is called ____
    20. Money has these attributes what does each mean
    a. medium of exchange
    b. store of value
    c. measure of value
    21. Means of Exchange that allows consumers to use an item before it is paid for.
    22. A products usefulness is called its____
    23. What is self sufficiency? 
    24. What is interdependance?
    25. Increased production of Building Materials because of a housing boom is an example of which of the two above concepts?
     26. What are the three basic economic questions for producers?
    27. What is division of labor? What is its main purpose?
    28. Why do people exchange goods?