|UPDATED| Economics Final Exam Review 100% Correct

|UPDATED| Economics Final Exam Review 100% Correct Economics *Ans* the study of how people seek to satisfy their needs and wants by making choices Horizontal Merger *Ans* the combination of two or more firms competing in the same market with the same good or service Vertical Merger *Ans* the combination of two or more firms involved in different stages of producing the same good or service Shortage *Ans* a situation in which a good or service is unavailable Scarcity *Ans* limited quantities of resources to meet unlimited wants Factors of Production *Ans* land, labor, and capital; the three groups of resources that are used to make all goods and services Entrepreneur *Ans* ambitious leader who combines land, labor, and capital to create and market new goods or services Trade-Off *Ans* the alternative we sacrifice when we make a decision Opportunity Cost *Ans* the most desirable alternative given up as the result of a decision Human Capital *Ans* the skills and knowledge gained by a worker through education and experience Physical Capital *Ans* all human-made goods that are used to produce other goods and services; tools and buildings Thinking at the Margin *Ans* deciding whether to do or use one additional unit of some resource Production Possibility Graph *Ans* a graph that shows alternative ways to use an economy's resources Production Possibility Frontier *Ans* the line on a production possibilities graph that shows the maximum possible output for a speci