You decide to purchase a soccer ball for $35. What is the opportunity cost of your decision?
something else could have been bought for $35
100
Who is the host of Economics U$A?
David Schumacher
100
In order for something to have value, it has to have ______.
Utility (the capacity to be useful)
100
A ________is an item that is economically useful or satisfies and economic want. And that item is called a ________when it lasts three or more years when used on a regular basis.
Good &
Durable good
200
__________ is the factor of production that includes natural resources (gifts of nature) not created by humans.
Land
200
DAILY DOUBLE!!
What is the diagram that represents various combinations of goods and services an economy can produce when all resources are fully employed?
Production Possibilities Frontier
200
A ______is a way of expressing a need that leads to a preference for some goods over others.
Want
200
______ is being able to perform one task relatively more efficiently than another.
Specialization
200
A _______ is work performed for someone.
service
300
________is the factor of production that includes tools, equipment, machinery, and factories used in the production of goods and services.
Capital
300
A _______ Economy is where consumers and privately owned businesses answer the three basic economic questions.
Free Enterprise
300
A ______ is a location or other mechanism that allows buyers and sellers to exchange a certain economic product.
Market
300
DAILY DOUBLE!!
The _______is a situation in which some necessities have little value while some non-necessities have a much higher value.
Paradox of Value
300
A ______ is the quality of life, based on the possession of the necessities and luxuries that make life easier.
Standard of Living
400
________is the dollar value of all final goods, services, and structures produced within a country's borders in a 12 month period.
Gross Domestic Product
400
_______are resources that are available, but are not being used.
Idle Resources
400
_______ is a measure of the amount of output produced by a given amount of inputs in a specific period of time.
Productivity
400
Division of labor is a characteristic of _______ production.
Assembly Line
400
_______are alternative choices made by consumers in the marketplace.
Trade-offs
500
What are the four factors of production?
Land, Labor, Capital, and Entrepreneurs
500
An_______is the cost of the next best alternative when a choice is made.
Opportunity Cost
500
_______is the sum of the skills, abilities, health, and motivation of people.
Human Capital
500
An economy at its production possibilities frontier is operating at ________.
Full potential
500
_____is worth that can be expressed in dollars and cents.