Vocab
Theories or simplified representations that economists formulate and use data from the world to explain and predict economic behavior.
Economic Models
The use of science to develop new products and new methods for producing and distributing goods and services
Technology
Economists construct ____________ to investigate the way that economic systems work.
Models
Activities done for a fee
Service
A ________________ is something necessary for survival.
need
The value of the next best alternative that had to be given up
Opportunity cost
Manufactured goods used to make other goods
Capital
Economic decisions always involve trade-offs that have __________________.
Costs
Tangible items that people can buy
Goods
A _________________ is something you desire but could live without.
want
Sacrificing one good or service to purchase or produce another.
Trade-off
The work people do to to produce goods or services
Labor
Land, labor, capital, and entrepreneurship are all ____________________________________.
Factors of production
Deals with the economy as a whole and decision making by large units such as governments.
macroeconomics
What is Coach G's favorite movie genre?
Thrillers
The ability of individuals to start new businesses and introduce new products
Entrepreneurship
"Gifts of nature"
Land
Scarcity is ____________________________, and shortages are _________________________.
forever; temporary
Deals with behavior and decision making by small units such as individuals and firms.
microeconomics
What is the basic problem in economics.
How to satisfy unlimited wants with limited resources
Basic economic problem that results from a combination of limited resources and unlimited wants.
Scarcity
When all factors are combined together to produce, this increases the ____________ of the final product.
When faced with unlimited wants and limited resources, people must make _________________
choices
The study of how people make choices about ways to use limited resources to fulfill their wants.
economics
What is the name of Coach G's cat?
Milo