Economics #1
A need is fulfilled by
What is food?
The study of how people use scarce (limited) resources to satisfy their unlimited wants is called
what is economics?
A person/entity who makes goods or provides services is called a/an
who is a producer?
A situation that exists when there are not enough resources to meet human wants is called
what is scarcity?
A person who buys a good or service for personal use is called a/an
who is a consumer?
Work that one person performs for another for payment is called
what are services?
The value of what you give up by choosing one alternative over another is called
Benefits that encourage people to act in certain ways are called
what are incentives?
In order for money to be store of value, the item used as money has to last. This is the definition of
what is durable?
Which of the following examines the costs and expected benefits of a choice?
what is cost-benefit analysis?
Physical objects that can be bought are called
what are goods?
In order for money to be a unit of account, the item used must be able to be subdivided, allowing for prices to go up or down. This is the defition of
what is divisible?
Making decisions based on what you believe is the best combination of costs and benefits is called
what is economizing?
The benefit or satisfaction gained from using a good or service is called
what is utility?
In order for money to be a medium of exchange, it has to be easy to move from place to place. This is the definition of
what is portable?