An Economic Way of Thinking
Economic Questions
Production Possibilities
exchange
Misc
100
an action or activity that is performed for a fee
What is services?
100
the combination of all limited resources and unlimited wants
What is scarcity
100
One good sacrificed for another
What is trade-off
100
allows people to use items before completing payment
What is credit
100
Give an example that would be used to improve production by assigning a smaller number of tasks/workers to give expertise
assembly line
200
someone called that decides to buy a product(s)
What is consumer?
200
the level of output that results from a given level of input
What is productivity?
200
the value lost by rejecting one use of resources in favor of another
What is opportunity cost
200
exchange one set of goods for another
What is barter
200
study of choices made by economic actors such as households, companies, and individual markets
What is microeconomics
300
the study of choices made that people make to satisfy their wants and needs
What is Economics?
300
the smallest amount of resources to produce the largest amount of output
What is efficiency?
300
models that show a simplified version of realistic production
production possibilities curves
300
3 functions of money
What is 1)standardized item generally traded 2) measure used to determine and express worth 3) store that can be saved and used at a later date
300
organizational abilities and risk taking involved in starting a new business or introduction to a new product
What is entrepreneurship
400
natural, human, capital resources are referred to as
What are Factors of production?
400
The questions used to determine the best way to distribute resources to meet our wants and needs
What are What to produce? How to produce? For whom to produce?
400
2 assumptions that determine which production combinations will fall on the curve and which will not
What is 1) amount of resources and technology will stay the same 2) all natural, human and capital resources are being used in the most efficient manner
400
the worth of a product for the purposes of exchange
What is value
400
two factors that determine value
What is scarcity and utility
500
the study of the behavior of entire economies
What is Macroeconomics?
500
the 3 options to improve production
What are division of labor, shortcuts in production and mechanization?
500
all combinations inside the production possibility curve are
What is inefficient use of resources
500
degree of usefulness
What is utility
500
events or developments in one region or sector of the economy that influence events or developments in another region or sector.
What is interdependence
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