Good or Service
I bought a car.
What is a Good? What is a durable consumer good?
This is a producer.
What is anyone who sells a good or service?
This is the cost of the next best alternative, time, money, or resources when making one choice over another.
What is opportunity cost?
What is human capital?
There are four of these which include reporting problems immediately, remaining cool, and keeping accurate records.
What are the responsibilities of a consumer?
I bought a plane ticket.
What is a service?
This is a consumer.
What is anyone who buys a good or service?
This is separating tasks for different workers to complete.
What is Division of Labor?
This occurs when total output of goods and services increases over time.
This is the quality of life based on ownership of luxuries and necessities that make life easier.
What is Standard of Living?
I paid for a computer for work.
What is a durable capital good?
This is someone who studies how people try to satisfy a seemingly unlimited and competing supply of needs and wants with a limited amount of resources.
What is an economist?
Economic interdependence.
What is the mutual dependence of at least two groups?
This is where people earn their money.
What is a factor market?
Value is determined by these two things.
What is scarcity and utility?
I paid to have my engine replaced.
What is a service?
This is the meeting place or mechanism that allows buyers and sellers to come together.
What is a market?
Incrementalism.
What is taking small and careful steps toward a final goal?
This is where things are bought or sold.
What is a product market?
This was an example of division of labor and specialization.
I bought some DIAMONDS.
This is the name of the man who solved the paradox of value.
Who is Adam Smith?
The fundamental economic problem facing all societies resulting from a combination of limited resources and people's virtually unlimited needs and wants.
What is scarcity?
This process is comparing the positives of an action to how much it will take to perform the action.
This president introduced the rights of the consumer.
Who is JFK?