A
B
C
D
E
100
Land, Capital, Labor and Entrepreneur
What are the Factors of Production?
100
Describes the concepts that everything we do has a cost.
What is TINSTAAFL?
100
To arrive at an economic decision and to make alternative choices.
What is a Trade Off?
100
These are the three basic Economic questions.
What is..... WHAT?, HOW?, and for WHOM?
100
A good that is intended for final use by individuals.
What is a Consumer Good?
200
Consists of both goods and services that are useful, relatively scarce, and transferable to others.
What are Economic Products?
200
Manufactured goods that are used to produce other goods and services.
What are Capital Goods?
200
Goods that are naturally available in abundance such as sunshine and air.
What are Free Products?
200
a Tangible Commodity
What is a Good?
200
an example of this is food.
What is a non-durable good?
300
a Car is an example of this.
What is a Durable Good?
300
an example of this would be to buy a sports car.
What is Conspicuous Consumption?
300
a location or other mechanism that allows people to buy and sell economic products.
What is a Market?
300
A popular model used to illustrate the concept of opportunity.
What is the Production Possibilities Frontier?
300
A person who provides a ____________ to others.
What is a service?
400
The _________________ of a smartphone can be expressed in dollars and cents.
What is Value?
400
__________________ is another name for the capacity of a product to be useful.
What is Utility?
400
People who use goods and services to satisfy their wants and needs.
What is a Consumer?
400
The situation in which some necessities have little value while some non-necessities have a much higher value.
What is a Paradox of Value?
400
A _________ lasts for LESS than three years when used on a regular basis.
What is a Non-Durable Good?
500
... a Social Science because it deals with how people behave while trying to satisfy their needs and wants through use of relatively scarce resources.
What is Economics?
500
Action in one part of the country or world that has an economic impact on what happens elsewhere.
What is Economic Interdependence?
500
Having seemingly unlimited human wants and needs in a world of limited resources.
What is Scarcity?
500
Study of efforts to satisfy unlimited wants with limited resources is best described as.....
What is Economics?
500
Time is a ____________________ when a manufacturer assigns workers to one task rather than to another.
What is an Opportunity Cost?
M
e
n
u