ECONOMICS FINAL EXAM QUESTIONS AND COMPLETE ANSWERS

ECONOMICS FINAL EXAM QUESTIONS AND COMPLETE ANSWERS Economics is Opportunity cost arise in a production because A production possibilites curve helps determine The U.S. economy, which uses a combination of individuals, government, and business to answer its economic questions and allocate its resources, is best considered: In every economic system, scarcity imposes limitations on In one hour, George can fix 4 flat tires or type 200 words. His opportunity cost of fixing a flat tire is.. The 3 primary economic systems for allocating resources are Entrepreneurship refers to the ability to Difference between NEED/WANTS How do we balance needs and wants with unlimited resources? What are the factors of production? Land- Labor- Capital- entrepreneurship- trade offs opportunity cost