Section One
Section Two
Section Three
Vocabulary
100
How to Produce, What to Produce, For Whom to Produce
What must society answer in order to produce a product?
100
Goods and Services
What are the economic products?
100
Trade offs are the choices and opportunity cost is the next best choice
What is the relationship between trade offs and opportunity costs?
100
People with all their effort, abilities, and skills
What is labor?
200
Tools, Equipment, Factories
What is a capital good?
200
Amount of goods and services produced with given resources in a specific period of time
What is productivity?
200
A diagram representing carious combinations of goods and services an economy can produce when all its resources are in use.
What is production possibilities frontier?
200
Monetary worth of a good or service as determined by the market
What is value?
300
Land, Capital, Labor, Entrepreneurs
What are the factors of production?
300
The sum of people's skills, abilities, health, knowledge and motivation,
What is human capital?
300
Building models and preparing a cost benefit analysis
What are two strategies that help economists make better decisions?
300
Mutual dependency of one person's, firm's, or region's economic activities on another
What is economic interdependence?
400
Description, Analysis, Explanation, and Prediction
What does the study of economics include?
400
Utilized division of labor with the assembly line
Who is Henry Ford?
400
A simplified equation, graph, or figure showing how something works
What is an economic model?
400
Fundamental economic problem of meeting people's virtually unlimited wants with scarce resources
What is scarcity?
500
Social science dealing with how people satisfy seemingly unlimited wants with the careful use of scarce resources
What is economics?
500
When the output of goods and services increase
When does economic growth occur?
500
Fully employed resources, The cost of idle resources, economic growth
What are three characteristics of a production possibilities frontier?
500
Market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention
What is free enterprise economy?
M
e
n
u