Basics of Economics-1st Hour

Unlimited wants with limited resources is what?

All the things you are giving up to gain something else.

When I told you students could only sit in chairs with wheels, it was what kind of example?

Land, labor and capital needed to produce goods and services are what?

Man made resources needed to produce goods and services.

The three types of economies are what?

Which is not a Core Economic Principle?

You stay close for vacation because of gas prices & only go to GR instead of Florida. This is an example of what?

People who decide to combine land, labor and capital to create new goods and services

The value of the most desirable alternative given up as a result of a decision is known as?

What best describes an entrepreneur in economic terms?

Focuses on individual economic entities like households

Looks into unemployment for the whole country

Getting a degree in physical therapy gives you _________ to be a physical therapist

Whole systems of production and distribution that affect the entire country or globe

Which of the following is NOT a fundamental economic question?

Lists the pros/benefits and cons/costs about a choice or decision.

The dum dum sucker trading was an example of what?

Scarcity exists naturally while a shortage only occurs b/c producers refuse to provide something.

Trade between countries is a __________ example.

Economics is about ___________

Circular flow model shows what?

The value of time with my kids when I bale hay is an example of _______ because is the most desireable alt.

One student getting many pieces of Reese's candy showed an example of marginal utility.