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Econ Ch1 Vocab Flashcards | StudBud
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Econ Ch1 Vocab
Econ Ch1 Vocab
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1
This branch of economics studies choices made by individuals and businesses
microeconomics
macroeconomics
2
This could result in an expanded production possibilities frontier (move outward)
Workers become more productive
Workers break a machine
A worker gets sick
More workers are hired
3
The study of scarcity and human responses to it
labor
services
economics
hypothesis
4
A person who gathers all other factors of production to start a business is a(n)
laborer
entrepreneur
technologist
economist
5
The many possible decisions we make giving up one or more things for another.
opportunity cost
entrepreneurship
trade-offs
production possibility frontier
6
A term for humans' wants being greater than either our needs or current possessions
productivity
capital
scarcity
trade-offs
7
This branch of economics studies choices made by governments
microeconomics
macroeconomics
8
The value of the next best option which is lost when we choose something else:
technology
opportunity cost
productivity
trade-offs
9
Tangible products made by labor, which are sold
services
capital
goods
technology
10
I have some thoughts about why the economy behaves the way it does. Maybe I should test my:
theory
hypothesis
productivity
economic model
11
People pay money for this labor, but the labor may not produce physical objects
services
technology
land
goods
12
This picture shows these TWO factors of production
productivity
labor
capital
entrepreneurship
