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Vocabulary
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How Do We Satisfy Economic Wants?
What to Give Up When We Make Choices
Random
100
If people’s wants are unlimited, what is always present?
What is scarcity
100
Work done by someone else for which a consumer, business, or government is willing to pay.
What are services
100
Natural resources used to produce goods and services are called
What is land
100
When we maximize the utility of our decisions we are doing this
What is making decisions that we expect will make us better off.
100
This famous musician was once a student of economics
Who is Michael "Mick" Philip Jagger
200
The tools, machines, and buildings used to produce goods and services; one of the factors of production.
What is capital
200
A measure of the efficiency with which goods and services are produced. Often stated as the quantity produced per person per hour.
What is productivity
200
One way that a business can raise its productivity is by
What is getting more outputs from the same inputs
200
In the classic guns-versus-butter tradeoff, what happens when a society chooses to produce guns (military goods) instead of butter (civilian goods)?
What is society maximizes its security, but lowers its standard of living.
200
These are the 3 factors of production
What is land, labor, and capital
300
Physical Articles that have been produced for sale or use are called this.
What are goods.
300
The value of the next best alternative that is given up when you make a choice. This is the measure of what you must give up to get what you most want.
What is opportunity cost
300
Which statement about a country's human capital is true? A. The lower the level of human capital, the richer the nation will be. B. A country with high human capital is a wealthier nation. C. A nation's human capital is the least important form of capital in creating wealth and growth. D. There is no correlation between a country's human capital and its standard of living.
B. A country with high human capital is a wealthier nation.
300
The opportunity cost of a decision is
What is the value of the best thing you gave up to get what you want.
300
One modern example of capital replacing labor is A. a student who continued her education and delays entering the workforce B. a worker who takes a minimum-wage job C. an entrepreneur starting a new business D. a robot in an automobile assembly plant
D. a robot in an automobile assembly plant
400
The resources used to produce goods and services.
What are factors of production.
400
To an economist, the word capital includes what?
What is the tools, machines, and buildings used in the production of other goods and services
400
Which scenario would be an example of the law of diminishing marginal utility? A. eating the last slice of an extra-large pizza with all the toppings B. a homeless person picking a dollar bill up from the sidewalk C. drinking your first glass of apple juice after a strenuous workout D. putting on a warm coat when it's cold outside
A. eating the last slice of an extra-large pizza with all the toppings
400
During World War II, the U.S. rationed certain consumer goods to support the war effort. Economists would describe this scenario as
What is the guns-versus-butter tradeoff.
500
The willingness and ability to take risks involved in starting and managing a business is called this
What is entrepreneurship
500
This is a lack of something that is desired
What is a shortage
500
How land (natural resources), labor (work for wages), and capital (tools and machines) are assembled by entrepreneurs to produce goods and services is called the ____________________ equation.
What is the production equation
500
This is a lack of pleasure or satisfaction from consuming a product or service or taking an action; the opposite of utility.
What is negative utility
500
What is the opportunity cost of going to college rather than starting work immediately after high school?
What is the lost wages and work experience from the job you would have taken.