Sayer Economics Unit 1 Test Review

the study of how people seek to satisfy their needs and wants by making choices is ....

things we choose to have, but could live without

The struggle among producers for the dollars of the consumers

This economic system allows all decisions to be made by individuals with NO gov't intervention

Which market structure would you find cable companies, cars, breakfast cereals, movie studios

This literally means "hands-off" and says that government should not interfere with the market

this ALWAYS exists and means there is a limited amount of resources

all natural resources used to produce goods and services (all things found in nature)

Which market structure would you find SCE&G, your landlord, and public water?

when an item is TEMPORARILY out of stock because of high demand

This graph shows alternative  ways that an economy can use its resources

market structure: MANY firms, SOME variety and price controls, HIGH barriers to enter

knowledge and skills a worker gains through education and work experience

This economic system allows the government to make ALL decisions regarding the 3 key questions

the BEST alternative we give up when we make a decision/choice

market structure: ONE firm, NO variety, COMPLETE price control, and NO new business can enter

Which of the following are not one of the 3 key economic questions?

person or group living in a residence

Which market structure would you find rice, tomatoes, beans, wheat, and grocery stores

The arrangement that allows buyers and sellers to exchange goods and services

market structure: FEW firms (big), SOME variety and price control, and HIGH barriers to enter

the line on a production possibilities graph that shows maximum production (acting efficiently)

You would be able to produce all of the G and S you require to satisfy all your needs and wants

the cost or benefit of adding or subtracting ONE good or service level

market structure: MANY buyers and sellers, NO variety or price control, NO barriers to enter

the effort a person devotes to a task for which that person is paid

ALL the alternatives that we give up when we make a decision or choose one option over another

things that are necessary for survival

activities that one is paid to perform for another

The hope of reward or the fear of punishment that encourages a person to behave a certain way

An individual's own personal gain and motivating force in the free market

when countries make decisions on what to produce with their SCARCE resources, we call this...

Human-made objects used to create other goods and services

using resources in such a way as to MAXIMIZE PRODUCTION

This economic system is a combo of the command and market systems and is seen in most countries

ambitious leaders who decided how to combine land, labor, and capital to create new G and S

when MORE resources become available or technology IMPROVES, this represents GROWTH which means

Things that we purchase and can actually hold

an organization that uses resources to produce a product and then sells it

if a country LOSES resources or if production DECREASES in any way, then...

This economic system uses habit/customs to answer 3 key economic questions (family & religion)

The method used by a society to produce and distribute goods and services

Which market structure would you find jeans, shoes, books, purses, and other brand-name items