Where you give up something in exchange for something else

What is entrepreneurship?

Organizing the factors of production to produce a product, The person that comes up with the idea for a product, The person that manages the company, The person that invests in a company

Needs and wants outweigh the amount of resources available.

The study of how goods/ services are produced, and consumed

What's an opportunity cost?

When you have a choice to do or buy one thing or another

What is the definition of economics?

Study of how people produce, distribute, use goods/services

What are the four Factors of Production?

land, labor, capital, entrepreneurship

Why is there no such thing as a free lunch?

Every choice involves an opportunity cost

What does producer mean?

A person who creates goods and services.

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1.1 Scarcity 1.1 - 1.2 Economic Choice Today

20 termsStudBud Administration711 plays

Chapter 1 The Economics Way of Thinking 1.1 Scarcity: The Basic Economic Problem 1.2 Economic Choice Today: Opportunity Cost

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Questions 20

Answers

1
what is a trade off
Were everything is free and you live forever
buying food
Where you give up something in exchange for something else
The internet
2
What is entrepreneurship?
Organizing the factors of production to produce a product
The person that comes up with the idea for a product
The person that manages the company
The person that invests in a company
3
What is a service?
computers
plumber
customer
student
4
Define Scarcity
A fundamental problem in society.
A social science dealing with people's needs and wants.
Needs and wants outweigh the amount of resources available.
A limited amount of resources compared to prices.
5
Equipment/goods (machinery,tools,etc) that are used to produce other goods & services is called
natural resources
production
consumption
capital resources
6
What is economics?
the study of the government
The study of how goods/ services are produced, and consumed
money remaining from revenues after expenses are paid
sales
7
What does economize mean?
To spend money
To save money
To have very little to no money
To give away money
8
What are some NEEDS?
Clothes, shelter, & friendship
Clothes, jewelry, & pets
Beauty, intelligence, & strength
Water, food, & shelter
9
What's an opportunity cost?
When you have to buy one thing
Paying someone
PAY DAY!
When you have a choice to do or buy one thing or another
10
_____ are objects, such as food clothing and furniture, that can be purchased.
Service
Goods
Wants
Produce
11
What is the definition of economics?
The study of people and their jobs
Study of how people produce, distribute, use goods/services
The study of the marketplace
The study of money
12
What are the four Factors of Production?
land, labor, capital, ownership
land, labor, capital, entrepreneurship
demand, labor, land, supply
labor, land, demand, opportunity cost
13
What is the additional cost of using one more unit?
No fun
Marginal benefit
Marginal cost
Marginal
14
Why is there no such thing as a free lunch?
Every choice involves an opportunity cost
Only breakfast is free
We have unlimited resources
You must always leave a tip
15
What do consumers do?
Purchase goods and services
Eat food
Consume an excessive amount of paper
Consume an exceesive amount of vitamins
16
Things that are owned such as land & equipment that are used to produce goods and services.
Capital Resources
Natural Resources
Human Resources
Entrepreneurship Resources
17
The additional satisfaction from using one more unit of a product is
Service
Marginal Cost
Profit
Marginal Benefit
18
What does producer mean?
The whole world.
A person or who uses a product or service.
A person who watches movies.
A person who creates goods and services.
19
the benefit or satisfaction received from using goods and services
consumed goods
combinations of costs
economic health
utility
20
What is an incentive?
A shift in the PPC curve
Getting money
Motivates one to do something
A good smell

1.1 Scarcity 1.1 - 1.2 Economic Choice Today Flashcards | StudBud