The study of of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants is called...
What is Economics
100
Resources that cannot be replaced (oil)...
What are nonrenewable resources?
100
The word for the basic economic problem: limited resources and unlimited wants and needs
What is scarcity?
100
This measure of labor activity looks at production output in relation to a unit of input (by a worker.) Note: Equipment, technology, training and management contribute to employees increasing their production...
What is productivity?
200
Things that are required in order to live (food, water, clothing, clean air, shelter.
What are needs?
200
these resources can be replaced (trees)
What are renewable resources?
200
People producing goods and services are what type of economic resource?
What are human resources?
200
Five measurements that determine whether an economy is emerging or vigorous...
What are GDP, GDP per capita, labor activities, consumer spending, investment activities, and borrowing?
200
Consumer spending as a measure of economic health includes the total wages and salaries plus investment income and government payments to individuals. This measure is categorized as...
What is personal income?
300
Things that add pleasure or comfort to your life (sports cars, movies, luxury homes).
What are wants?
300
raw materials supplied by nature from the air, the earth and water (trees, oil, minerals, water)
What are natural resources?
300
Examples of people who contribute physical and mental energy to the production process (human resources) are
What are factory workers, farmers, truck drivers, sales people?
300
A country's total dollar value of all final goods and services produced in one year
What is the GDP (Gross Domestic Product)?
300
Consumer spending also looks at sales of durable (items that last for several years) and non durable (goods used soon after purchase) goods and services purchased by consumers (autos, building materials, furniture, gas, money spent in restaurants. This measure is called...
What is retail sales?
400
by purchasing goods and services.
How are needs and wants satisfied?
400
Natural resources, human resources, capital resources, entrepreneurial resources...
What are types of economic resources?
400
Resources that include tools, equipment, buildings and money used to produce goods and services (hammers, buildings, cash, bulldozers, ovens...
What are capital resources?
400
The output per person, divided by the total population of the country is a formula for finding this measurement of economic activity.
What is GDP per capita?
400
A fifth measure of economic health--investment activities--includes the amount of money deposited in bank savings accounts by people and businesses. Banks use this money to make loans for businesses to buy equipment or products. Depositers earn interest on the money. This measure is called...
What is personal savings.
500
Products that you cans see and touch (cell phones, shoes, pencils).
What are goods?
500
To satisfy needs and wants, what do businesses use to produce, distribute, and sell goods and services?
What are economic resources or factors of production?
500
the willingness to take a financial risk and combine capital with human and natural resources to develop a new product or a new business is this type of economic resource...
What is entrepreneurial resources?
500
This measure of economic activity looks at the number of people in the labor force who are not working, but are willing to work, are looking for work, but can't find a job.
What is the unemployment rate?
500
One way to own shares in a company is to buy stock. This helps the corporation raise money for expansion. The economic measure of this practice that can increase businesses' value is called....