Economics 1&2

Choices made by individual units; individual people, businesses, and households

What is the satisfaction you receive from the choice you make called?

Which factor of production includes all human effort; mental and physical?

A good or service whose price tag is zero

How do financial markets receive money from households, businesses, and government?

Which factor of production direct, organizes, and plans the production process

Examples: Salaries, hourly wages, medical benefits, unemployment, worker's compensation, etc?

Value is based on the object's usefulness to the buyer?

How does money go out of financial markets to households?

Objective and fact-based economics; can be proven

Two reasons why economists use models?

Prov. 27:20 "the eyes of man are never satisfied" explains what economic concept?

Who purchases or consumes the businesses goods and services?

How does a person make a choice?

Because of the conflict between insatiability and scarcity, what becomes necessary?

"The unemployment rate is too high" is an example of what type of economics?

Nation's financial institutions; commercial banks, savings & loans; insurance/finance companies

Model explains simple relationships between a pair of variables, limited to few observations?

Which of the following does a Christian not use to fight insatiability?

Which two ways does the government pay out money?

Sales tax, income tax, and property taxes are all examples of the taxes that who pays?

What is an imaginary unit of satisfaction?

Factor costs goes from business to what group?

Ecc. 5:10 He that loveth silver shall not be satisfied is an example of what economic concept?

Model that shows the most amount of two commodities that businesses can produce efficiently?

Economic model:  price goes on one line, quantity on the other; more observations 

Government income exceeding more than it is paying out?

Which of the following is not a reason why Economics is a Science?

Who has to pay corporate taxes, social security, unemployment?

Which two ways does the government receive money?

Money loaned to a business is called what type of capital?

All people who purchase or consume goods and services

What is the most important choice anyone can make?

Goods that have a price tag higher than zero

In a PPC, anything below the line would show a business owner that he was being what?

Payments of money or goods to people who are not expected to repay; social security, welfare?

Amount of satisfaction the good or service provides the buyer?

Which factor cost would include royalties for authors or music?

Value most people place on a good or service which helps determine the price?

Tools needed to produce a good or service is considered what type of capital?

Science of how and why people, businesses, and governments make the choice they do?

Turning nuisance goods into economic goods is called what?

I Timothy 6:6-11 "the desire to be rich is a trap of Satan" explains what principle?

U.S. savings bonds, treasury bills, and treasury notes are all examples of what?

"The unemployment rate is currently at 9%" is an example of what type of economics?

Which factor costs are the largest and are payments for labor?

Which factor or production is the most important; combines all factors of production?

Large scale economic choices and issues: nationwide unemployment or interest rates falling?

Value is based on the nature of the product, scarcity, labor and natural resources involved?

Which factor costs is a payment for the use of the owner's property?

Services that have a price tag higher than zero

Which factor costs are payment business firms make on borrowed money?

Unlimited wants

In a PPC, anything above the line would show a business owner he was being what?

Which factor of production uses goods to produce/create/purchase other goods?

Limited Resources

Which factor of production includes all natural resources?

Which factor cost is reward for risk taking; difference between money coming in and money out?

Satisfaction of all wants is an unsaved person's definition of what?

The action of withdrawing money from an account or borrowing money?

Factors of production allow business to obtain needed resources; who do they get it from?

Government spending exceeding the amount received in taxes?

What is the dissatisfaction or regret that is experienced for not choosing differently?

Who creates/produces goods and services?

Any tangible or physical thing that has a measurable life span; shoes, books, clothing, dishes

Government taking money out of financial markets, less money available to business to borrow?

Subjective and value-based economics; cannot be proven, relies on a persons personal values

Model that is a visual explanation of how a complete national economic system works?