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What is sustainability?

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The use of resources in a way that is not environmentally friendly

The use of resources in a way that is environmentally friendly

The use of resources in a way that does not compromise their availability for use in the future

The use of resources in a way that compromises their availability for use in the future

none

Fill in the blanks.

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Explanation

This means there are limited resources.

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The environment is a

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resource.

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none

Match the agents to their incentives:

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Match the text
Households
Firms
Government

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Votes
Cost changes
Price changes

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Match the factors of production to their meanings:

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Match the text
Land
Labour
Enterprise
Capital

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physical and mental work of the people
natural resources
human capital which involves organising factors of production and taking risks
man made tools and resources

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Match the agents to their roles:

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Match the text
Households
Firms
Government

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Generate revenue, so essential economic framework can be provided
Convert factors of production into goods and services
Supply factors of production and purchase goods and services

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none

What is opportunity cost?

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The

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when an

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is made

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none

What is the central purpose of Economic Activity?

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Production of goods and services to satisfy people's needs and wants

Production of goods and services to satisfy people's wants

Production of goods and services to satisfy firms' needs and wants

Production of goods and services to satisfy people's needs

none

In the PPC diagram, what is shown at point C?

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Profit Maximisation

Allocative inefficiency

Productive efficiency

Productive inefficiency

Allocative efficiency

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What are the key economic decisions?

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What to produce

Where to produce

How to produce

How to maximise profit

Who is to benefit from the goods and services produced

When to produce

How to maximise value of goods and services produced

none

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Match the text
Households
Firms
Government

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Maximise satisfaction
Maximise profit/sales revenue or brand images/ market share, and minimise costs
Maximise welfare/ growth/ employment/ price/ tax revenue

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In the PPC diagram, what is shown at point D?

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A combination of guns and butter where unemployment exists

A combination of guns and butter where the maximum combination is achieved, with all resources employed

A combination of guns and butter not currently attainable given our factors of production

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What does a PPC show?

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The minimum quantities of different combinations of output of two products, given current resources and the state of technology

The Production Possibility Frontier

Trade-off

The maximum combinations of two goods that can be produced using existing resources efficiently

The maximum quantities of output of two products that could be produced with current resources

The maximum quantities of different combinations of output of two products, given current resources and the state of technology

none

What is the word for when an economic agent substitutes the Production of one good or service for the production of another?

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Opportunity cost

Economic cost

Economic choice

Trade-off

none

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We have

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wants but

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with which to satisfy these wants. So how do we best organise them to satisfy these wants?

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none

What is scarcity

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A situation where there are limited resources but unlimited wants

A situation where there are unlimited resources but limited wants

A situation where there are limited resources and limited wants

A situation where there are unlimited resources and unlimited wants