When the choice of one good means less of another good.

increase in employment and/or income

a person/ group who supplies and makes good and services

How much of a product is made available

What is a change in demand?

a change in demand is determined by consumers income, demand increases will shift right; decrease will shift left

What is land/ resources?

things found on Earth, occur naturally.

condition in which wants are greater than resources

What does economics mean?

something you need to learn, how individuals make choices to satisfy needs and wants

The people that perform the work to produce something.

What is a renewable Resources?

Resource can be produced, grown, or replaced.

What is a non- renewable resource?

Consumed quicker than can be produced, grown, or replaced.

What is Opportunity Cost?

The cost of making any decision., cost of doing 1 thing the value lost by not doing another.

any unit of production or service that can be bought or sold

what is entrepreneurship?

The person that starts the business or improves it.

combination of gains and losses of any goods

what is The Law of Demand?

consumers are to buy more of something when prices go down.

a transaction in which no physical goods are transferred.

what is a complementary good?

goods that complement each other

The amount demanded for the product by the consumer

What are ex. of Factors of Production

Entrepreneurship, Land/Resources, capital, Labor

money and all things are needed to produce good or service.

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Social Studies Economics

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Questions 26

Answers

1
What is a trade off?
When the choice of one good means less of another good.
The cost of making any decision.
when you don't sleep you get more rest
when you don't study, you get an A
2
What is benefit?
combination of gains and losses of any goods
getting an A on a test
getting back the bungee chair
increase in employment and/or income
3
What are producers?
a person who purchases goods or services for personal use
a person/ group who supplies and makes good and services
4
Are producers and consumers the same thing?
Yess
Why are you asking me this?????
I DONT KNOW
NO
5
What is supply?
how much you want
The amount demanded for the product by the consumer
How much of a product is made available
I don't know
6
What is a change in demand?
....................................
a change in demand is determined by consumers income
demand increases will shift right; decrease will shift left
a change in mood
7
What is land/ resources?
money and all things are needed to produce good or service.
people that perform the work to produce something
The person that starts the business or improves it.
things found on Earth, occur naturally.
8
What is a scarcity?
a person who purchases goods or services for personal use
The cost of making any decision.
When the choice of one good means less of another good.
condition in which wants are greater than resources
9
What does economics mean?
something you need to learn
how individuals make choices to satisfy needs and wants
condition in which wants are greater than resources
yoouuuuu
10
What is labor?
things found on Earth, occur naturally.
The people that perform the work to produce something.
money and all things that are needed to produce a good
11
What is a renewable Resources?
Resource that can not be produced, grown, or replaced.
Something that you can nevvverrr have again
Resource can be produced, grown, or replaced.
12
What is a non- renewable resource?
Consumed slower than can be produced, grown, or replaced.
Consumed quicker than can be produced, grown, or replaced.
can be remade
consumed slowly and can be replaced
13
What is Opportunity Cost?
When the choice of one good means less of another good.
The cost of making any decision.
cost of doing 1 thing the value lost by not doing another.
When the choice of one good means less of another good.
14
What is a good?
any unit of production or service that can be bought or sold
anything used in the production of a good or service
condition in which wants are greater than resources
a transaction in which no physical goods are transferred
15
what is entrepreneurship?
The person that starts the business or improves it.
The people that perform work to produce something.
money and all things that are needed to produce a good
things found on Earth, occur naturally. Labor
16
What is a cost?
increase in employment and/or income
?????????????????
a price??
combination of gains and losses of any goods
17
what is a substitute good?
a substitue for something else
a complement
a worker
a person??????
18
Unlimited Wants and Needs Are Greater than Limited Resources
truueeee
def false
19
what is The Law of Demand?
everyone loves everything
everyone doesn't buy anything
consumers are to buy more of something when prices go down.
nobody is going to buy your stuff
20
What is a service?
a transaction in which no physical goods are transferred.
you are a sevice
a person/ group who supplies and makes good and services
condition in which wants are greater than resources
21
what is a complementary good?
good that don't help the economy
people who are mean
goods that complement each other
goods that detest other
22
What are consumers?
people who buy something
someone who makes something
a business who sells something they made
entrepreneurs
23
Supply & Demand determines....
price of goods and services
Price of my Gucci belt
price of a store
price of SUS
24
What is demand?
I don't know
How much of a product is made available
The amount demanded for the product by the consumer
I thought you knew
25
What are ex. of Factors of Production
Entrepreneurship
Land/Resources
capital
Labor
26
What is capital?
The person that starts the business or improves it.
money and all things are needed to produce good or service.
entrepreneurship
The people that perform the work to produce

Social Studies Economics Flashcards | StudBud