Show:
Section 1a
Section 1b
Section 1c
Section 2
Section 3
100
Something that is essential for your survival
What is Need
100
Something that you desire, but is not necessary for survival
What is Want
100
Economic name for physical objects
What are Goods
100
The trade-offs that nations face when choosing between producing military or consumer goods
What is Guns or Butter
100
The alternative that is given up because of a decision
What is Cost
200
Natural resources used to make goods
What is Land
200
The human force required to complete a paid service
What is Labor
200
Actions performed by one person for another
What are Services
200
Thinking about the costs and benefits of making a choice
What is Thinking at the Margin
200
Using resources to maximize the production of goods and services
What is Efficiency
300
Capital
What are the human-made resources that are used to produce more goods and services
300
Human-made objects used to create more goods and services
What is Physical Capital
300
Knowledge and skills a worker gains through education and experience
What is Human Capital
300
The alternatives that we give up whenever we make a choice
What are Trade-Offs
300
Using fewer resources than an economy is capable of producing
What is Underutilization
400
The choices we make to satisfy our needs and wants
Economics
400
Leaders who combine land, labor, and capital to create goods and services
What are Entrepreneurs
400
Resources that are used to make goods and services
What are Factors of Production
400
The most desirable choice given up as the result of a decision
What is Opportunity Cost
400
A graph that shows alternative ways to use a country’s resources
What is a Production Possibilities Curve
500
Limited supplies of resources
What is Scarcity
500
Producers will not/cannot offer goods/services at the current price
What is a Shortage
500
Limited supplies of resources
What is Scarcity
500
States that as we shift factors of production from making one good or service to another, the cost of producing the second item increases
What is the Law of Increasing Costs
500
Line on Production Possibilities Curve that shows the maximum possible output
What is the Production Possibilities Frontier