Chapter 1 What Is Economics?

The work people do is often called an

According to the video, in what economic system is production controlled by the government

What shape best describes Maslow's visual aid

Famous Financial planner and author of the book " The courage to be Rich"

What famous model did Abraham Maslow create

macroeconomics is the branch of economics theory dealing with whole decision for large units

What is the branch of economic theory that deals with behavior and decision making by smallunit

The four factors of production are the resources of land, labor, capital, and

Entrepreneurship refers to the ability to

As an economic term, land includes

Economics is divided into what three topics

The first step in creating an economic model is to

Of the following is a visual aid that helps a business determine how best to use resources

Different schools of economic thought exist because

Economics is primarily concerned with which of the following?

Economic models are useful because they

What are the beliefs or characteristics that a person or group considers important

Which of the following is considered a scarce resource

Knowledge leading to new and improved goods and services and better ways of producing

To an economist, a want is

Esteem needs include

Who benefits in a freely chosen economic exchange

What organization suddenly imposed a boycott on oil in 1973

Human effort directed toward producing goods and services is called

Business can make decisions about the best use of their resources by analyzing

What are temporary and often occur, for example, after hurricanes or floods that destroy goods

What was the 10 yr crisis that followed the Stock Market Crash of 1992 called?

Services are activities done for others for a

Adam Smith, The Wealth of Nations

Personal growth and self-fulfillment appear at the top of the needs model

In a trade=off opportunity cost is the value of the

The study of how individuals and societies make choices about ways to use scarce resources

All economic choices involve

Economists build economic models

A company 's office building are an example of

A Fed EX truck is an example of

Which of the following describes what economists do?

For Levi Strauss & Co. the resources that were considered capital included

Economics is considered an

The basic problem of economics is

The amount of military goods given up in a year is the opportunity cost of producing

Producation possibilites involving choices between military defense and civilian goods

The need to make choices arises because

after 1930 almost all industrial nations expanded the role of gov. to

What trade off is involved when you buy a CD

Why can't economic models judge whether policies are good or bad

What are tangible objects that can satisfy people's wants?

Growth and prosperity followed the Stock market Crash of 1987. What did this suggest?

How does the movie Cast Away best show the work of Maslow?

Which needs form the foundation of the Hierarcy of needs model?