Economics Chapter 1 Review--What is Economics?

Which is an example of a nondurable good?

A ____ is a means of expressing a need.

Which is an example of a durable good?

The efficient use of productive resources is called ______.

When individuals receive their incomes, they spend it in ____--markets where producers offer goods & services for sale.

The U.S. economy is a __, one in which consumers & privately owned business, rather than govt, jointly make the econ...

Because people cannot have everything they want, they face _____, or alternative choices.

Work that is performed for someone.

The fundamental economic problem facing all societies is that of _____.

Which is an example of a service?

The sum of skills, abilities, health, and motivation of people.

The process of creating goods and services.

Condition that arises because society doesn't have enough resources to produce all the things people would like to have.

What are the four factors of production?

____ means that productive inputs do whatever task they are able to do best.

The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

Economic activities in one part of the country or world affects what happens elsewhere.

The process of using up goods and services in order to satisfy wants and needs.

The study of human efforts to satisfy what appears to be unlimited and competing wants through the use of scarce goods.

A diagram representing combos of goods &/or services an economy can make when productive resources are fully employed

Relatively plentiful and abundant product not scarce enough to be a major concern in the study of economics.

A manufactured good used to produce other goods and services.

A ____ is a basic requirement for survival such as food, clothing, and shelter.

People who use goods and services to satisfy wants and needs.

A _____ is a location or other mechanism that allows buyers and sellers to deal readily in a certain economic product.

A risk-taker in search of profits.

What are the three basic economic questions?

A _____ is any good that lasts three or more years when it is used on a regular basis.

The quality of life based on possession of necessities and luxuries that make life easier.

Individuals earn incomes in ____--the markets where productive resources are bought and sold.

The sum of those economic products that are tangible, scarce, useful, and transferable from one person to another.

A ____ is intended for final use by individuals.

Three examples of capital good would be...

A _____ is an item that lasts for less than three years when it is used on a regular basis.

____refers to something that has a worth that can be expressed in dollars and cents.

The capacity to be useful to someone.