Ch 1-2 Review

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TO REVIEW – Chapter 1
Which of the following pairs do not match?
entrepreneurship, profit
labour, profit
The what, how and whom in economics?
What incomes do we pay the people who make goods and services, how do firms generate enough
income to pay employees, who wants the goods and services produced.
what goods and services do we produce, how do we use factors of production to produce these goods,
who consumes the goods produced
Pam, Pat and Pru are deciding how they will celebrate the New Year.
Pam prefers to go on a cruise, is happy to go to Hawaii, but does not want to go skiing.
Pru prefers to go skiing, happy to go to Hawaii, does not want cruise.
Pat prefers to go to Hawaii or to take a cruise, does not want to go skiing.
Pam and Pru face a tradeoff but Pat does not face a tradeoff.
Pam, Pat and Pru face a tradeoff.
1.4 – completely correct.
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