Basic Econ Problem
Desires that can be satisfied by consuming a good or service.
What are wants?
Land, Labor, Capital, Entrepreneurship.
What are the factors of Production?
The alternative that you give up when you make a choice.
What is a trade-off?
This is a simplified representation of economic forces.
What is an economic model?
This graph is used best for percentages as a whole.
Things that are necessary for survival.
What are needs?
Entrepreneurs must take these.
What are Risks?
Everything comes with a cost.
What is no free lunch?
What is efficiency?
This Graph is best used for changes over time.
What is a line graph?
Work that one person does for another.
What is a service?
This questions takes into account all natural resources that the producer may have.
What will be produced?
The value of the alternative choice.
What is an opportunity cost?
These are the assumptions when making a PPC.
1. Resources are fixed
2. All resources are fully employed
3. Only two things could be made at once
4. Technology is fixed
The graph is best used to compare things.
What is a bar graph?
Study of how individuals and societies satisfy their wants and needs.
What is Economics?
This questions ask how much of something a a consumer should get.
For Whom will it be produced?
You added an extra hour to study time in hopes that you receive an A. that extra hour is an example of _____________
What is marginal cost?
Means all resources are not fully employed.
What is Underutilization.
This form of economics would watch YOU as the consumer.
What is Microeconomics?
The 3 Steps that economics involves.
What are EXAMANING individuals/societies
ORGANIZING data
DEVELOP theories
This question deals directly with the labor force.
How will it be produced?
Means to make the best decision according to the best combination of cost and benefits.
What is economize.
This form of economics would follow along with wars and trades among countries.
What is macroeconomics?