Ch 1 Test

Needs are desires that can be satisfied by consuming a good or service

How many economic questions did we learn about

A ______ graph can show the max number of goods that can be produced using a certain amount of resources.

Land, Labor, Capital are factors of production the 4th factor of production is _____

A shibuilder winning a Navy contract is an example of ______

The whole economy experiencing inflation is an example of _____

The 2 principles of economics are :People do not have wants and scarcity affects everyone

A local shop owner setting prices for his store is an example of _____

______ is the value of something that is given up to get something else that is wanted.

_____ are information in numerical form

What is represented when the PPC curve is pushed to the right

______ is an approach that weighs the benefits of an action against its cost.

____ helps to assure the production of the maximum amount of goods and services possible

Who is the founder of Modern Economics

_____ is the study of Economic behavior as it is and it involves verifiable facts

Entrepreneurship involves the vision, skills, and risk - taking needed to create a business.

To _____ is to make the best decisions according to the best combination of costs and benefits.

______ is a condition that exists when there aren't enough resources

___ are methods used to encourage people to take certain actions.

National unemployment figures rising is an example of _______

How and For Whom we produce something are 2 of the economic questions - the 3d is____

______ is the additional satisfaction of using one more unit of a product.

Factors of Production are the resources needed to produce goods and services

In economics Land refers to all natural resources used to produce goods and sercices