Vocab.
Sec. 1 Questions
Sec. 2 Questions
Sec. 3 Questions
Vocab.2
100
What is the deff. of scarcity
Fundamental economic problem of meeting peoples virtually unlimited want's with scarce resources
100
What is the fundemental economic prob. facing all societies ?
Scarcity
100
For something to have value it must have what ?
Utility
100
What is a trade off ?
An alternative choice
100
What is the deff. of service
work or labor performed for someone
200
What is the deff. of needs
basic requirements for survival; includes food, water, and shelter
200
What are the 3 economic basic questions ?
What are the 3 economic basic questions ?WHAT to produce , HOW to produce , FOR WHOM to produce
200
What is value
a worth that can be expressed in dollars and cents
200
What is opportunity cost ?
the cost of the next best alternative
200
What is the deff. of standard of living
What is the deff. of standard of living quality of life based on ownership of necessities and luxuries that make life easier
300
What is the deff. of assumption
something taken for granted
300
What are the factors of production ?
Land,Labor, Capital, Entrepreneurs
300
What is a market
What is a market a location or mechanisim that allows buyers and sellers to exchange a specific product
300
What is the 3 characteristics of prodxn poss. frontier
identify alt, fully employed resource, cost of idle resource
300
a good that can last for at least 3 years when used regularly
What is the deff. of a durable good
400
What is the deff. of cost benefit analysis
way of thinking about a choice that compares the cost of an action to its benefits
400
What kind of science is Economics ?
Social Science
400
What is economic growth
when a nations total output of goods and services increases over time
400
the study of economics helps people to what ?
make better financial decisions and to become better citizens
400
What is the deff. of division of labor
division of work into a number of separate tasks to be preformed by diff. workers
500
What is the deff. of economic interdependence
mutual dependency of 1 persons, firms, or regions economic activities on another
500
What is Gross Domestic Product ?
The dollar value of all final goods, services, and structures produced within a country's borders in a 12 month period
500
describe what specialization is and give an example
when factors of production perform only tasks they can do better or more efficiently then others; lawn service , brain surgen , dentist
500
when analyzing economic behavior it helps to ?
understand the complex world around us
500
What is the deff. of human capital
sums of people skills, abilities, knowledge and motivation
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