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8 Cards in this Set

  • Front
  • Back
A _____ lists the different combinations of two products that can be produced with a specific set of resources, assuming full employment.
production possibilities table
_____ is the discipline of economics concerned with individual units such as households, firms and government.
The need to make choices because economic wants exceed economic means describes:
the economizing problem
People desire goods and services that provide maximum utility. In fact, our desires or wants are:
insatiable and unlimited
Factories, storage, transportation and distribution facilities, as well as tools and machinery are all examples of physical _____ goods.
Advances in production technology enable a society to produce
more goods with current or less resources.
When comparing the additional or incremental costs versus additional or incremental benefits of a decision, one is engaging in:
marginal analysis
Economic growth is the result of increases in:
the quantities of resources, technological advances, and improvements in resource quality