Economics Chapter 1 Review

This brings dissatisfaction or unhappiness.....

The branch that deals with human behavior and choices as they relate to the entire economy

Anything that satisfies a persons wants is considered a

A _ is an explanation of how something works, designed to answer a unknown question

Something that motivates a person to take action

Deals with human behavior and choices as they relate to relatively small units.

Something that is intangible is...

Anything that is used to produce goods or servives

Wheat Fields, mineral deposits, and water in a stream fall into the category of

A means for deciding who gets what portion of the available resources and goods

When economists study a problem by weighing the positive and the negatives

A graphic representation of all possible combinations of two goods that an economy can produce

Which one of the following is NOT considered a Factor of Production

The study of the choices of people trying to satisfy their wants in a world of scarcity

Services are....

These are produced goods that can be used as resources for further production

The most highly valued alternative given up when a choice is made

The condition in which our wants are greater than the resources available

The physical and mental talents that people contribute to the production of goods and service

Something that a person desires to have

Something that is able to be felt by touch is considered to be

A situtation in which having more of one thing necessarily means having less of something else

This is the special talent for the searching out and taking advantage of new business opp.

This means "adding" in economics

This it the quality that brings satisfaction or happiness