Basics
Factors of Production
Goods and Services
Consumers
Economics
100
This is the condition that results because wants are unlimited.
What is scarcity
100
This includes anything derived from nature.
What is land?
100
This is something made, a tangible item.
What is a good?
100

In economics, there is no such thing as this.

What is a free lunch? What is unlimited resources?

100
This is the study of choices people to use limited resources to satisfy unlimited wants.
What is economics?
200
This is when you don't have enough of something, you simply run out.
What is a shortage?
200
This is human work needed to make or do something.
What is labor?
200

This is the process of making goods.

What is production?

200

In everything, every choice comes with this.

What is a cost? What is opportunity cost?  Accept trade-off.

200
All the activity that affects production, distribution and consumption of goods in a nation.
What is an economy?
300
This includes food, water, and other basics.
What is a need?
300

This is anything you can use to make a good or perform a service?

What is capital?

300
This is someone who makes goods or services?
What is a producer?
300

As a consumer, which market structure would be best for you?

Pure Competition

300
Economists build these to represent what is going in the real world.
What are economic models?
400

Something you desire beyond your basic needs.

What is a want?

400

This factor of production involves the ability to start a business.

What is entrepreneurship?

400
This is an act performed, usually for money.
What is a service?
400

This is the value of the next best alternative.

What is an opportunity cost?

400

An economists, starting with the data, would make these and then test them.

What are theories?

500
Anything you can use to satisfy your needs or wants.
What is a resource?
500

This is a fifth factor of production. It includes the application of science and engineering to increase productivity.

What is technology?

500

This is the use of a good or service.

What is consumption?

500

Supply and demand curves are used in which field of economics

Microeconomics

500

What is meant by scarcity?

Limited resources and unlimited wants and need

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