Econ 1
People cannot have everything the need and want.
What is scarcity?
This is actions or people doing a thing for you that you can buy in a market.
What is a service?
Any human made resource that is used to produce other goods and services.
What is Capital?
This is when someone thinks different skin color, religious also sometimes sexual orientations or beliefs make some people better than others.
What is racism?
This is ABCLOU.
What is Abbreviations , Bullets, Caveman Language, Lists, One Word for Several, Use Your Own Words?
This is something that is necessary for survival.
What is a need?
This is when producers will not or cannot offer goods or services at the current prices.
What is a Shortage?
This is a human made objects used to create other goods including building and tools.
What is Physical capital?
This is when a person or group is treated unfairly, but the discrimination is not as obvious.
What is indirect racism?
Reading and putting a text in your own words.
What is a Summary?
This is something that is desired but you can live without.
What is a want?
These are resources used to make goods by producers.
What are factors of production?
This is the knowledge that a worker gains through education and experience.
What is human capital?
This is when discriminations exists whithin institutions like the police, schools, or businesses.
What is Institutional racism?
Investigate the past, determine what happened and separate truth from falsehoods.
What is a detective?
This is the study of how people seek to satisfy their needs and wants by making financial choices.
What is Economics?
This is a natural resource or material found in nature (coal, water, fields)
What is Land?
The lost opportunity of any choice made in your life or in spending your hard earned money.
What is opportunity cost?
This is a term which originally referred to efforts to redress real or perceived discrimination on the basis of race, gender or other criteria.
What is Political correctness?
Tells the story of history for others, imparts lessons, morals, and other learning of history.
What is Storyteller?
These are physical objects you can purchase.
What are Goods?
This is the effort that a person devotes to a task for which that person is paid
What is Labor?
This is a form of analysis that forces one to look at the price and benefits of any decision. (economic enigma)
What is a Cost versus benefits principle?
Competition is good for a market for this reason.
Why do people make better goods in a market?