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100
Manufactured goods needed to produce other goods and services are called
capital goods
100
A popular model used to illustrate the concept of opportunity cost is
The production possibilities frontier
100
tools, equipment, machinery, and factories used in the production of goods and services
capital
100
alternative choices made by consumers in the marketplace
trade-offs
200
Division of labor is a characteristic of
assembly line production
200
An economy at its production possibilities frontier is operating
at full potential
200
condition of not having enough resources to produce all the things people want
scarcity
200
quality of life based on the ownership of the necessities and luxuries that make life easier
luxeries
200
a measure of the amount of goods and services produced with a given amount of resources in a specific period of time
productivity
300
The study of economics is important because it enables us to
become better decision makers
300
An Entrepreneurs are considered the driving force in an economy because they
start new businesses
300
cost of the next-best alternative use of money, time, or resources when one choice is made rather than another
opportunity cost
300
tangible item that is economically useful or that satisfies an economic want
good
300
any good that lasts three years or more when used regularly
durable good
400
In this production possibilities frontier, what could cause production to move from point a to point e?
factories that are available but idle
400
study of how people try to satisfy their needs through the careful use of scarce resources
economics
400
sum of those economic products that are tangile, scarce, useful, and transferable
wealth
400
process of using up goods and services to satisfy wants and needs
consumption
400
work that is performed for someone
service
500
The dollar value of all final goods, services, and structures produced within a country's borders in a single year is
Gross Domestic Product (GDP)
500
worth that can be expressed in dollars and cents
value
500
people with all their efforts, abilities, and skills
labor
500
basic requirement for survival
need
500
something we would like to have but is not necessary for survival
want