Question: What is the difference between needs and wants? What is scarcity? How does scarcity affect consumers? producers? What basic economic questions must be answered by

What is the difference between needs and wants?

What is scarcity?

How does scarcity affect

  • consumers?

  • producers?

What basic economic questions must be answered by society because of scarcity?

List the 4 factors of production.

What is the difference between a product market and a factor market?

What role does a business have in

  • a product market?

  • a factor market?

What role do households have in

  • a product market?

  • a factor market?

Who was Adam Smith? What did he write?

Explain the relationship between the terms trade-off and opportunity cost?

What is meant by the term utility?

Define each term:

  • underutilization

  • efficiency

What are the three things a production possibilities frontier shows?

Explain the Law of Increasing Opportunity Costs.

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