Vocabulary
More Vocab
How Do We Satisfy Economic Wants?
What to Give Up When We Make Choices
Random
100

If people’s wants are unlimited, what is always present?

What is scarcity?

100
Work done by someone else for which a consumer, business, or government is willing to pay.
What are services
100

Natural resources used to produce goods and services

What is land?

100

When we maximize the utility of our decisions we are doing this

What is making decisions that we expect will make us better off?

100
This famous musician was once a student of economics
Who is Michael "Mick" Philip Jagger
200

The tools, machines, technology and buildings used to produce goods and services; one of the factors of production.

What is capital?

200
A measure of the efficiency with which goods and services are produced. Often stated as the quantity produced per person per hour.
What is productivity
200

One way that a business can raise its productivity 

What is getting more outputs from the same inputs?

200

In the classic guns-versus-butter tradeoff, what happens when a society chooses to produce guns (military goods) instead of butter (civilian goods)?

What is society maximizes its security, but lowers its standard of living.

200
These are the 3 factors of production
What is land, labor, and capital
300
Physical Articles that have been produced for sale or use are called this.
What are goods.
300

The value of the next best alternative that is given up when you make a choice. This is the measure of what you must give up to get what you most want.

What is opportunity cost

300

Which statement about a country's human capital is true? A. The lower the level of human capital, the richer the nation will be. B. A country with high human capital is a wealthier nation. C. A nation's human capital is the least important form of capital in creating wealth and growth. D. There is no correlation between a country's human capital and its standard of living.

B. A country with high human capital is a wealthier nation.

300
The opportunity cost of a decision is
What is the value of the best thing you gave up to get what you want.
300

One modern example of capital replacing labor is A. a student who continued her education and delays entering the workforce B. a worker who takes a minimum-wage job C. an entrepreneur starting a new business D. a robot in an automobile assembly plant

D. a robot in an automobile assembly plant

400

The resources used to produce goods and services.

What are factors of production.

400

The more of something we have, the less we want each additional unit...

What is the law of diminishing marginal utility?

400

To an economist, the word capital includes what?

What is the tools, machines, technology and buildings used in the production of other goods and services?

400
Which scenario would be an example of the law of diminishing marginal utility? A. eating the last slice of an extra-large pizza with all the toppings B. a homeless person picking a dollar bill up from the sidewalk C. drinking your first glass of apple juice after a strenuous workout D. putting on a warm coat when it's cold outside
A. eating the last slice of an extra-large pizza with all the toppings
400
During World War II, the U.S. rationed certain consumer goods to support the war effort. Economists would describe this scenario as
What is the guns-versus-butter tradeoff.
500

The willingness and ability to take risks involved in starting and managing a business is called this

What is entrepreneurship?

500

This is a temporary lack of something that is desired

What is a shortage?

500

How land (natural resources), labor (work for wages), and capital (tools and machines) are assembled by entrepreneurs to produce goods and services is called the ____________________ equation.

What is the production equation?

500
This is a lack of pleasure or satisfaction from consuming a product or service or taking an action; the opposite of utility.
What is negative utility
500

What is the opportunity cost of going to college rather than starting work immediately after high school?

What is the lost wages and work experience from the job you would have taken.

M
e
n
u