Intro to Economics

An item that people buy is a

When a person, country, or region makes one part of an item

Natural Resources include water, minerals, and

Why is it impossible for people and governments to do all the things they want?

The computer is an example of ...

When you make a choice, you give up other...

Each worker completes one part of a large job

People who take risks to start a new business

When workers produce more, prices may go

People who do work for others for a fee provide

Something that is necessary to stay alive is a

The cost of a trade-off is a

Natural Resources, labor and capital are factors of

How can you tell if labor is scarce?

The study of how people and countries make choices

Goods and services that can be produced from fixed resources in a fixed time period

Machines, buildings, tools, and money...

How does new technology affect productivity?

All kinds of work

A person who runs some or all of a business

To turn material into products is...

How have computers changes people's lives?

If you take a part-time job while still in school, what might your opportunity cost be?

Large amounts of information stored on a computer

The basic economic problem is

People have unlimited ...

A product moves from worker to worker on an

Economics is about making

Henry Ford's ideas led to increased

Giving up one thing for another is a