Vocab
A term that means each worker learns one task very well.
What is Specialization?
The study of economic involves:
1) Explaining how people deal with scarcity.
2) Studying how things are made, bought, sold, and used.
3) Explaining how incomes are earned and how jobs are created.
4) All of the above.
What is 4?
This is the third factor of production: people, with all their efforts, abilities, and skills.
What is Labor?
What is a Non-durable Good?
Measures a country's output and economic health.
What is Gross Domestic Product (GDP)?
People's needs are limited.
What is False?
Henry Ford would fall under what factor of production?
What is Entrepreneurs?
Is a tool or good that is used by businesses to produce other products.
What is Capital Goods?
Is the condition that results from society not having enough resources to produce all the things people would like to have.
What is Scarcity?
A nation's wealth is determined by its . . .
What is Accumulation of All Tangible Products?
What is Capital?
The cost of choosing one alternative over another.
What is Opportunity Cost?
Economist use "this" to illustrate all possible combinations of output.
What is Production Possibilities Curve?
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n) . . .
What is Benefit-Cost Analysis?
"Gifts of Nature"
What is Land?
This movement promotes the rights of buyers.
What is Consumerism?
When countries rely on others, to provide the goods and services they need.
What is Economic Interdependence?
What type of market is at the bottom of the "Circular Flow of Economic Activity"?
What are Factor Markets?
Desk and lab equipment.
What is Capital?
High value of a nonessential item and the low value of an essential item refers to . . .
What is Paradox of Value?