ECONOMICS FINAL EXAM / EXPERT VERIFIED
ACTUAL QUESTIONS & ANSWERS FOR
GUARANTEED PASS | NEWEST UPDATE, 20252026.
Practice questions for this set
Learn 1/ 7 Study with Learn
limited quantities of resources to meet unlimited wants
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1 Horizontal Merger Scarcity
3 Law of Demand 4 Thinking at the Margin
Don't know?
Terms in this set (67)
Economics the study of how people seek to satisfy their needs and
wants by making choices
, Horizontal Merger the combination of two or more firms competing in the
same market with the same good or service
Vertical Merger the combination of two or more firms involved in different
stages of producing the same good or service
Shortage a situation in which a good or service is unavailable
Scarcity limited quantities of resources to meet unlimited wants
Factors of Production land, labor, and capital; the three groups of resources that are
used to make all goods and services
Entrepreneur ambitious leader who combines land, labor, and capital to
create and market new goods or services
Trade-Off the alternative we sacrifice when we make a decision
Opportunity Cost the most desirable alternative given up as the result of a
decision
Human Capital the skills and knowledge gained by a worker through education
and experience
Physical Capital all human-made goods that are used to produce other
goods and services; tools and buildings
Thinking at the Margin deciding whether to do or use one additional unit of some
resource
Production Possibility a graph that shows alternative ways to use an economy's
Graph resources
Production Possibility the line on a production possibilities graph that shows the
Frontier maximum possible output for a specific economy
Adam Smith classic economist that believed the market could regulate itself
Classical Economics the idea that free markets can regulate themselves
ACTUAL QUESTIONS & ANSWERS FOR
GUARANTEED PASS | NEWEST UPDATE, 20252026.
Practice questions for this set
Learn 1/ 7 Study with Learn
limited quantities of resources to meet unlimited wants
Give this one a try later!
1 Horizontal Merger Scarcity
3 Law of Demand 4 Thinking at the Margin
Don't know?
Terms in this set (67)
Economics the study of how people seek to satisfy their needs and
wants by making choices
, Horizontal Merger the combination of two or more firms competing in the
same market with the same good or service
Vertical Merger the combination of two or more firms involved in different
stages of producing the same good or service
Shortage a situation in which a good or service is unavailable
Scarcity limited quantities of resources to meet unlimited wants
Factors of Production land, labor, and capital; the three groups of resources that are
used to make all goods and services
Entrepreneur ambitious leader who combines land, labor, and capital to
create and market new goods or services
Trade-Off the alternative we sacrifice when we make a decision
Opportunity Cost the most desirable alternative given up as the result of a
decision
Human Capital the skills and knowledge gained by a worker through education
and experience
Physical Capital all human-made goods that are used to produce other
goods and services; tools and buildings
Thinking at the Margin deciding whether to do or use one additional unit of some
resource
Production Possibility a graph that shows alternative ways to use an economy's
Graph resources
Production Possibility the line on a production possibilities graph that shows the
Frontier maximum possible output for a specific economy
Adam Smith classic economist that believed the market could regulate itself
Classical Economics the idea that free markets can regulate themselves
