1
This economic model is basically a Pro/Con list
Decision Making Grid
A durable good lasts more than ________ years
3
Actions that happen in one part of an economy effect the rest of the economy because of ________?
economic interdependence
What is productivity?
Productivity is the measure
of the amount of output of goods and services in a specific
period of time.
Production
For something to be valuable it must be somewhat scarce and have u-----.
Utility
A good that lasts less than 3 years...
Non-durable good.
Provide one example of an economic trade-off
answers vary
What is one way to increase productivity?
Specialization, Division of Labor, and Education
TINSTAAFL stands for?
there's no such thing as a free lunch
What factor stays the same (is in all parts) of the Circular Model?
Cash (Money)
This economic concept CANNOT be touched and is something performed by someone for money.
a service.
Opportunity cost is
The cost of the next best use of (time, cash, labor, etc.)
What is one business that practices Division of Labor?
McDonalds, etc.
Scarcity means there are unlimited _________, but limited resources.
desires
When we draw the economic model of factor and product markets, what shape does it take?
circular
There are two types of markets, name them both...
Factor
Product
What is land?
Gifts of Nature
How is specialization different from division of labor?
Specialization implies some form of training/education.
What could an economist use to determine which of two decisions to make?
Various economic models.
To perform "Cost Benefit Analysis" economists use...
Economic Models
Placing more value on non-essential items than on essential items is called, "The _________ of ______."
The Paradox of Value
What is capital?
tools, equipment, and factories used in the pro-
duction of goods and services.
What does GDP stand for?
Gross Domestic Product
Who is the richest man in the USA?
Jeff Bezos, founder of Amazon.