Economics Introduction chapter 1

Items that satisfy human wants and provide utility

What 3 questions do all societies face?

What's an example of an entrepreneur?

This is not a fixed measurement, it changes from person to person

 There Is No Such Thing As A Free Lunch

Economics is the study of the all of the following EXCEPT

The issue where the government cannot reasonably hope to produce everything for everyone

 A tool or good that is used to produce other products

 Something that people desire to have, that they may, or may not, be able to obtain

What is an example of labor?

The factors of production are

 A good that last 3 or more years when used regularly

Cost of the next best alternative use of money, time, resources, when on choice is made rather than another

Machinery is what type of good?

What is the basic economic problem?

People always wanting more than they already have causes what to happen?

 Apparent contradiction between the high value of a nonessential item and the low value of an essential item

The study of how individuals, groups, and nations manage and use resources

Which of the following is a factor of production?

What is an example of capital?

Shoes and Clothing are what type of goods?

For something to have more value, it must have ___________

What is an example of Land?

Light Bulbs are what type of good?

Durable, Non Durable, Consumer, Capital are all examples of what?

At its core, Economics is the study of what?

The state of being scarce or in short supply; shortage

Something needed to survive

The monetary value of all final goods, services, and structures produced within a country’s borders in a 12 month period

Appliances are what type of good?