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Basics of Economics
The study of economics involves
An example of a need is
Basics of Economics
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Review of Economics
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1
An example of a need is
A McDonald's cheeseburger
A sportscar
A fur coat
Shelter
2
The study of economics involves
how society wants others to use resources
how society and people make decisions about our resources
how businesses make profit and use resources
how businesses what people to use resources
3
Economics is
The study of how countries decide what to produce
The study of what is considered a need vs a want
The study of <br>how individuals/societies make decisions
The study of which resource yields the most results
4
The Production Process includes using
3 of the 4 Factors of Production
Consumers deciding which Factors of Production are used
Using all 4 Factors of Production
Using at least 2 Factors of Production
5
Macroeconomics is
The big picture of how countries buy
Knowing the cost of things
The total production for a country
The little picture of how people buy
6
Division of labor is
Forcing employees to perform duties they aren't trained for
Disaggreements in the workplace
Moving jobs to foreign countries
different people performing different jobs to be efficient
7
One economic question that needs to be answered before a product is produced
Where should it be produced
Why should we make this
If we make it can we sell it to other countries
How much should be produced
8
An example of a want is
Air
New cell phone
Water
Clothing
9
Gross Domestic Product (GDP)
All the products one person made in one year
The measurement of serious economic problems in a country
All the products that a country produced in a year
Government spending in one year
10
Revenues are
The amount of money a business must pay each month
The total amount of sales or income taken in
the additional cost of the next unit produces
Marginal costs vs marginal benefits
11
Land, labor, capital, entrpreneurship is called
Factors of Resource
Factors of the World
Factors of Production
Factors of Life
12
When you can't have it all we say it's a
Want
Lack of Resource
Need
Trade-off
13
Scarcity is when
You have <br>everything that you need
When a country is in short supply of goods
When we lose a resource
When there is limited resources but unlimited wants/needs
14
Factors of production are
How much labor is needed to make a good/service
The factors needed to make a good/service
All the resources needed to make goods/services
All the products made by a country in one year
15
Total costs are
The cost of buying one unit
the difference between sales and expenses
Fixed and variable costs
The total cost of all labor
16
Entrepreneurship is
Being an inventor
A person(s) who invest and takes the risks
The physical and intellectual labor needed to make things
A French term that means employment
