Sayer Economics Unit 1 Test Review

knowledge and skills a worker gains through education and work experience

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

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

The struggle among producers for the dollars of the consumers

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

using resources in such a way as to MAXIMIZE PRODUCTION

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

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

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

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

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

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

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

things that are necessary for survival

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

person or group living in a residence

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

Human-made objects used to create other goods and services

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

Things that we purchase and can actually hold

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

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

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

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

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

things we choose to have, but could live without

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

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

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

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

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

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

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

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

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

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

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

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

activities that one is paid to perform for another

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

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

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

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