Lesson 1
Lesson 2
Lesson 2 (Cont.)
Lesson 3
Lesson 3 (Cont.)
100
Fundamental economic problem facing all societies where there are unlimited wants with limited resources.
What is scarcity?
100
Natural resources or "gifts" from mother nature.
What is land?
100
Cost of the next best alternative use of money, time, or resources, when one choice is made rather than another.
What is opportunity cost?
100
Division of work into a number of separate tasks to be performed by different workers.
What is division of labor?
100
Meeting place or mechanism through which buyers and sellers of an economic product come together.
What is a market?
200
Item that wears out, is used up, or lasts for fewer than 3 years.
What is nondurable good?
200
People with all their abilities and efforts to produce goods and services.
What is labor?
200
Alternative choices that are given up in favor of the choice we select.
What is a trade-off?
200
Increase in a nation's total output of goods and services over time.
What is economic growth?
200
Markets in which productive resources are bought and sold.
What is a factor market?
300
Good that lasts for at least 3 years when used regularly.
What is durable good?
300
The person who takes the risks to combine the factors of production to produce a good or service.
What is an entrepreneur?
300
A social movement that was aimed at promoting the interests of consumers.
What is consumerism?
300
Sum of people's skills, abilities, education, and motivation put into the production of goods and/or services.
What is human capital?
300
Market in which goods and services are bought and sold.
What is a product market?
400
Monetary value of all final goods and services produced within a country in a given year.
What is Gross Domestic Product?
400
Tool, equipment, machinery, or other manufactured good used in the production of other goods.
What is capital (good)?
400
Productive resources needed to produce goods
What is factors of production?
400
Assignment of tasks to workers, factories, regions, or nations that can perform them most efficiently.
What is specialization?
400
Comparison of the cost of an action to its benefits.
What is cost-benefit analysis?
500
The accumulation of products that are tangible, are scarce, have utility, and are transferable from one person to another.
What is wealth?
500
Diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed.
What is a production possibilities curve?
500
Goods intended for final use by consumers not businesses.
What is consumer goods?
500
Mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation.
What is economic interdependence?
500
Quality of life based on ownership of tangible goods that are necessities and luxuries.
What is standard of living?
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