What is an economic model

a theory that helps explain economic behavior.

What are the four factors of production

Entrepreneurship, Land, Labor, Capital

Having Unlimited Wants But Insufficient Resources

There Is No Such Thing As A Free Lunch

What is the basic problem

how to satisfy unlimited wants with limited resources

Alternative that must be given up when one choice is made

What Are The Factors Of Production

Land, Labor, Capital, Entrepreneurship

What Is The Difference Between A Want Or A Need

Need Is Essential and Want Is Quality Of Life

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Economics Chapter 1 Review

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Economic review, chapter 1

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Questions 14

Answers

1
Tangible objects that can satisfy people's wants or needs
Factors of production
Goods
Technology
Services
2
The study of how people make choices about way to use limited resources to fulfill their wants
Economics
Macroeconomics
Scarcity
Microeconomics
3
What is an economic model
Technology
hypothesis
a theory that helps explain economic behavior.
production of goods in a society
4
What is opportunity cost
not meeting all of ones needs
The next best alternative
sacrificing one good or service to purchase another
exchanging one good for another
5
What is the classic example often used to explain the production possibilities?
Guns vs Butter
Needs vs Wants
Land vs Labor
Democrats vs Republicans
6
What are the four factors of production
Entrepreneurship
Land
Labor
Capital
7
What Is Scarcity
Not Enough
Having Unlimited Wants But Insufficient Resources
Too Much
To Scare A City
8
What do you need to do when faced with unlimited wants and limited resources?
make an economic choice
buy more land
look for trade-offs
get more money
9
What factors may cause economist to disagree about economic theory
Personal opinions and beliefs
Production Possibilities Curve
What model they used
One is right and the other is wrong
10
What Is TINSTAAFL
There Is No Such Thing As A Free Lunch
The Internet Need Some Time At A Full Level
The Income Needs Stable Time After Ads For Leveling
Tin Saves Two Apples Always For Lunch
11
What is the basic problem
how to satisfy unlimited wants with limited resources
how to satisfy limited resources with unlimited wants
how to satisfy limited wants with unlimited resources
how to satisfy unlimited resources with limited wants
12
What Are Trade Offs
Giving up overall
Marriage
True
Alternative that must be given up when one choice is made
13
What Are The Factors Of Production
Production, Capital Goods, Scarcity, Trade-Offs
Bananas, Oranges, Apples, and Peaches
Factory, Making, Selling, Buying
Land, Labor, Capital, Entrepreneurship
14
What Is The Difference Between A Want Or A Need
Need Is Essential and Want Is Quality Of Life
Need Is Quality and Want Is Essential Of Life
They Are The Same
Want Is Essential and Need Is Quality Of Life

Economics Chapter 1 Review Flashcards | StudBud