Show:
Vocabulary
More Vocab
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, Human, and Capital

What are resources

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

The steps in the PACED Decision Making Model are

What is Problem, Alternatives, Criteria, Evaluate, and Decide

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

Government chooses to spend less money on roads so that they can spend more money on education. What is this called?

What is a Trade-Off

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

If you are deciding what kind of car to purchase and you rank the order as follows:

Honda, Chevy, Cadillac, and Jeep

Which one is the opportunity cost?


What is Chevy

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

A truck full of logs used in production of goods

What is a capital resource?

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.