Vocabulary
If people’s wants are unlimited, what is always present?
What is scarcity
Work done by someone else for which a consumer, business, or government is willing to pay.
What are services
Natural, Human, and Capital
What are resources
When we maximize the utility of our decisions we are doing this
What is making decisions that we expect will make us better off.
This famous musician was once a student of economics
Who is Michael "Mick" Philip Jagger
The tools, machines, and buildings used to produce goods and services; one of the factors of production.
What is capital
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
The steps in the PACED Decision Making Model are
What is Problem, Alternatives, Criteria, Evaluate, and Decide
These are the 3 factors of production
What is land, labor, and capital
Physical Articles that have been produced for sale or use are called this.
What are goods.
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
The opportunity cost of a decision is
What is the value of the best thing you gave up to get what you want.
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
The resources used to produce goods and services.
What are factors of production.
Government chooses to spend less money on roads so that they can spend more money on education. What is this called?
What is a Trade-Off
To an economist, the word capital includes what?
What is the tools, machines, and buildings used in the production of other goods and services
If you are deciding what kind of car to purchase and you rank the order as follows:
Honda, Chevy, Cadillac, and Jeep
Which one is the opportunity cost?
What is Chevy
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.
The willingness and ability to take risks involved in starting and managing a business is called this
What is entrepreneurship
This is a lack of something that is desired
What is a shortage
A truck full of logs used in production of goods
What is a capital resource?
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.