Econ Unit 1 Review

Starts up a new business, introduces new products, and takes all the risk

Video game designer is an example of ...

This is what you give up, or sacrifice, when you make an economic decision

As a coffee shop owner, I hired counter help and a short order cook.

This is the study of economic decision-making by individuals and businesses

These are things people desire but don't need to survive

the study of how people choose to use their limited resources to produce goods/services

I bought a coffee machine, a register, and china for my coffee shop.

This is the workers who work for a company or the government

These are products made by people and used to create goods/servies

Which is NOT a capital resource?

These are things people use

These are activities people do for other people

A photographer makes money buy selling his skills and pictures.

Instead of lifting weights with my friend, I stayed home to study for my economics test.

This occurs when people want more goods/services than they can have

A mechanic uses his tools, machines, and a computer to provide

This is the study of economics as a whole

These are things people cannot do without

The 4 Economic questions are...

This is the physical and mental labor people use to produce goods/services

These are resources people use to create goods/services

Which is a natural resource?

Which is NOT a human resource?

This is all the methods used to produce a good/serve

My parents made sure there was always food in the house, even if that meant no summer trip.

I bought toothpaste, deodorant, shampoo & conditioner, and hair gel from Target.

Which is NOT a natural resource?

This is when one choice is exchanged for another

I begged my parents to buy me concert tickets to see Bruno Mars.