Economics with Financial Literacy Chapter 1

Who is the "Father of Economics"?

The economy is made of up of two groups:

A diagram representing all possible combinations of economic output

Way of organizing so each worker completes a separate part of the overall task

The most comprehensive measure of a nation's wealth is provided by its:

Tools, equipment, machinery, and factories used to produce goods and services

The value of the next best alternative that was not taken

Market in which goods and services are bought and sold

Ideally a car is an example of a:

All societies are faced with 3 basic economic questions about the use of resources. They are:

Something we would like to have but is not necessary for survival

Reliance on others to produce goods and services we need

Results from society not having enough resources to produce all the things people need and want

Separation of tasks to be performed by different workers is division of labor.

Risk-takers who start new businesses or bring new products to market

Assignment of tasks to the workers, factories or regions that can perform them most EFFICIENTLY

The source of all household spending

Goods intended for final use by consumers other than businesses

Quality of life based on ownership of necessities and luxuries that make life easier

A meeting place or mechanism through which buyers and sellers come together

Your teacher earns $200,000 each year. This is most likely related to:

Which of the following helps determine something value?

Alternative Choices

The PEOPLE with all their abilities and efforts

Amount of output in a specific amount of time with a given amount of resources is called:

Goods that last for at least 3 years when used regularly

Entrepreneurship is defined as: people's skills, abilities, health, knowledge, and motivation

The sum of people's skills, abilities, health, and motivation

Both goods and services are counted as wealth.

The strategy that compares the benefits of an action to the expected cost

Necessary costs that usually occur monthly or annually

Process or means by which something can be accomplished

When a nation's total output of goods and services increases over time