Not being able to have all wants due to limited resources

Usually a temporary short fall of supplies

Study of how people use limited resources to fufill wants

Activities done for others for a fee

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Econ chapter 1

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Economics Chapter 1 Vocabulary

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Questions 14

Answers

1
Maximum combination of goods and services that can be produced with a fixed amount of resources
Production possibility curve
Stop sign
Yield
production only curve
2
"Gifts of nature" are considered:
needs
labor
helpful
land
3
This is the value of the next best alternative given up for the alternative that was chosen:
swap
opportunity cost
trade off
opportunity
4
These are resources needed to produce goods and services:
factors of price
factors of capital
factors of production
factors of use
5
This is the ability of individuals to start new business:
entrepreneurship
good luck
technology
corporation
6
Any use of land, labor, and capital that produces goods and services more efficiently:
imports
exports
technology
manurfacturing
7
What is scarcity?
Quantity is supplied is greater than quantity demanded
Overproduction of supplies
Not being able to have all wants due to limited resources
What is given up in order to do something else
8
What is a shortage?
Usually a temporary short fall of supplies
Period of prosperity in a business cycle
Exchanging one thing for another
An overproduction of goods
9
What is economics?
Study of how people use limited resources to fufill wants
land, labor, capital, entrepreneurship, and technology
Statistics that measure variables in the economy
Basics required to survive.
10
Which of these is not a factor of production?
Design
Technology
Land
Capital
11
What are goods?
Belief or characteristic that a person thinks is important
Natural resource without human intervention
Interest rate that banks charge each other on loans
Items people buy
12
The exchange of one thing for the use of another is called :
barter
trade value
trade off
swap
13
What are services?
Basic needs to survive
Activities done for others for a fee
Characteristics that a group considers important
Activities done for others for free
14
The manufactured goods used to make other goods and services
land
capital
labor
technology

Econ chapter 1 Flashcards | StudBud