Economics
________________________ is the study of how people get the goods and services they want or need.
What is Economics?
A person’s knowledge, skills, attitudes and abilities determine that individual’s value as a human resource. The more rare the skill, knowledge, etc., the more valuable and higher pay.
What are Human Resources?
Tell whether the following is a good or service: You buy a book from a garage sale.
What is a Good?
A limited amount of resources to meet unlimited wants and needs.
What is Scarcity?
Exchanging one thing to get the use of another is called a ________________.
What is a Trade-off?
____________________ are individuals who make things to satisfy their wants and needs.
What are Producers?
Raw materials from which goods and services are made.
What are Natural (land) Resources?
Tell whether the following is a good or service: You hire someone to cut your lawn.
What is a Service?
Determine the type of Scarcity: Demand increases faster than supply.
What is Demand Driven Scarcity?
Every time an economic decision is made, there is the risk of not selecting the best _____________.
What is Choice?
________________________ analyzes the decisions made by countries and governments.
What is Macroeconomics?
_________________ are things that are inputs to the production of goods and services.
What are Economic Resources?
When you buy a service you hire people to _______________________ your work. You are not buying something you could touch or hold.
What is Perform?
Determine the type of Scarcity: Demand remains constant, but supplies decline.
What is Supply Driven Scarcity?
The _______________________ of a decision is what is given up when the alternative choice is not selected.
What is Opportunity Cost?
____________________ are individuals who buy and obtain resources.
What are Consumers?
Money and property used to produce goods and services.
What are Capital Resources?
A ___________________ is something you buy and consume. Goods are things that you can keep, eat, or use.
What are Goods?
_____________ are anything other than what is needed for basic survival.
What are Wants?
You go to a basketball game is spend $150 on food and drinks. What could possibly be your opportunity cost?
Answers may vary. (anything else you can spend your money on)
In order to meet the needs of its people, every society must answer three basic economic questions:
______________________________________
______________________________________
______________________________________
What are:
What goods and services will be produced?
How will goods and services be produced?
Who will consume the goods and services?
Land (natural), labor (human), capital, and Entrepreneur are examples of what?
What are the four Economic Resources?
A ___________________ is something that someone does for you.
What is a Service?
____________ are anything needed for basic survival.
What are Needs?
You spend 2 hours studying for your math exam. What might be your opportunity cost?
Answers may vary.