Intro to Econ
Vocabulary
Factors of Production
Marginal Reasoning
Supply and Demand
100
This is the science of decision making
What is Economics
100
What do don't decide to do with your choices.
What is Trade Off
100
Natural resources available for use are called
Land
100
In terms of Marginal reasoning, people are said to be ______________ or logical in their decision making
What is rational
100
The desire to purchases goods a a lower price is called
Demand
200
The major economic problem which we are always trying to overcome.
What is Scarcity
200
a tangible economic product that is useful, relatively scarce, and transferable to others.
What is a good
200
The business system which brings all of the FoP together is called
Enterprise
200
Marginal can be defined as ___________
What is additional
200
The point where supply meets demand
Equilibrium
300
A type of good that lasts longer than 3 years of regular use.
What is Durable Good
300
What does PPC stand for?
Production Possibility Curve
300
The human input in the production process refers to
Labor
300
DAILY DOUBLE: Name three of the 5 Factors that can affect Demand.
1. Items own price 2. price of related goods 3. personal income 4. Taste and preference 5. Future expectations.
300
The ___________ is on the y-axis while the __________ is located on the x-axis.
Price, Quantity Supplied or Demanded
400
Goods that are intended to be used by the people who buy them
What is Consumer Good
400
The next best choice for someone who has to make a choice.
What is opportunity cost
400
Anything that goes into the production of something else.
What is capital
400
If the ______________ is higher than the _____________ you will perform the action.
Benefit, Cost
400
A ____________ is when there are not enough supplies to meet the demand and a _____________ is when there are more items supplied than are demanded.
Shortage, Surplus
500
Something that motivates you to do something
Incentive
500
Water, air, and sun light are all examples of this type of good
What is free good
500
The person who brings all of the FoP together
Who is the Entreprenuer
500
The falling of benefits as consumption increases is called.
What is diminishing marginal utility
500
The Law of Supply States that....
If Price increases the amount Supplied increases
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