Economics Ch 1-2

Each of these is a type of capital except

A circular flow chart is a tool demonstrating

Welfare payments are an example of

two primary uses for economic models

the activity of creatively combining natural resources, human labor, and capital to make new goods and services

You stayed up until midnight playing video games because studying Economics is boring. This is and example of what?

What principle was demonstrated in the story of the broken bakery window?

Economic choices made by an individual unit, such as a person or business

On a PPC graph, any point on the graph illustrates

Which two basic economic principles create the need for choices?

The model that visually describes how the complete national economy functions

According to economics, each of these would be considered land except

The economic study that focuses on value judgments

According to Carl Menger, the value of an object is determined by ________

"The unemployment rate is 6 percent," is an example of

The satisfaction a person receives from a choice

the difference between the revenues received from the sale of the product and the costs that went into its production

Each of these is an advantage of using models except

a tangible thing provided by God in nature which has no economic cost

The economic term for an imaginary unit of satisfaction

Conservation of natural resources demonstrates an understanding of this economic principle

any human effort that goes into the creation of goods

goods used to produce other goods

A tangible thing with a measurable lifespan

the worth of something determined solely by its user

the two basic elements of the circular flow chart

If the government spends less than it receives, it is known as a

the fundamental source of a business firm's factors of production

a limited quantity of a good or service

payments a business firm makes on borrowed money

Which of these best illustrates a nuisance good?

all natural resources that go into the production of goods

all institutions that receive deposits from households and lend to business firms

payments made in exchange for factors of production

The value people place on a good or service

all payments for the use of an owner's property

the tools used to produce goods and services

when a household withdraws money or borrows money from a financial institution

the "heart" of the economy that circulates money

An intangible item

the most important factor of production

the resources necessary to create goods and services

the value of an object based on the nature of that object

the entire sum that households spend on goods and services

The primary advantage of using a line graph over a schedule is that

What biblical concept refers to a person’s responsibility to make proper choices with his resources?

Which of these best illustrates the concept of subjective value?

In this chapter, what does PPC stand for?

all payments for the labor used in the production of goods or services

Recycling is an example of this biblical principle

each of these is a factor cost except

Simply put, economics is

the regret felt by a person for not choosing a certain option

The economic term for the usefulness of a good or service

Which of the following examples falls into the sphere of economics?