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This test is comprehensive, covering the chapters prior to Supply and Demand. Scarcity always exist because of competitive alternative uses for resources where a shortages are temporary. Using resources to produce the max. 2 months ago. Trina Garrison. Economics is about the decisions that we make every day B) All goods produced by a society are consumer goods. Education Details: Start studying Economics Unit 1 Review Sheet. Define the law of increasing opportunity costs. Many people by durable goods, or manufactured items that last longer than three years on installment plan. peymannazarian. Social Studies. View Economics_Unit_1_Test_Review from ECN MISC at Markham District High School. Start studying Econ Unit 1 Test Review - Fundamental Economic Concepts. Ronald McDonald can produce 20 pizzas or 200 burgers Papa John can produce 100 pizzas or 200 burgers.
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