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What is Economics
What is Economics 2?
What is Economics 3
What is Economics 4
What is economics 5
100

The study of how people and countries make decisions about how to use their scarce resources in the most efficient way.

What is Economics?

100

Work that people do is this resource.

What is labor?

100

Where goods and services are bought and sold.

What are product markets?

100
A system in which a product moves from worker to worker so it can be put together faster.
What is assembly line?
100

This would cause the PPF to move to the left.

What is labor shortage, laziness, a worker strike, transportation problems or anything else Allen can think of?

200
An item people buy, such as a car, television or bed.
What is a good?
200

Adam Smith believed this would guide resources to their most productive uses.  What is good for one, is good for all.

What is the invisible hand?

200
A model to show all combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
What is production possibilities curve?
200
When a person, country, or region works on making one part of an item.
What is specialization?
200

Water is less expensive than a diamond.  Odd, because a diamond cannot keep you alive..

What is the paradox of value?

300
Things of worth; machinges, buildings, tools, and money.
What is capital?
300
A thing that is not needed to survive but that makes life better.
What is want?
300
The act of giving up one thing for another.
What is trade-off?
300
The amount of goods and services workers can produce in a given time.
What is productivity?
300

What it means when the PPF moves to the right?

What is growth?

400
A things that is necessary to remain alive
What is a need?
400
The act of deciding on and selecting what is wanted most.
What is choice?
400
The cost of choosing one thing over another.
What is opportunity cost?
400
Dividing up workers so that each worker completes one job, which is one part of a larger job.
What is division of labor?
400

Scarcity + Utiltiy = this?

What is value?

500

This is where the factors of production are bought and sold (labor/salaries, land for rent, borrow money)

What is a factor market?

500

A simplified version of a complex concept or behavior expressed in the form of an equation, graph, or illustration.

What is an economic model?

500
The most basic of all Economic problems.
What is scarcity?
500
Resources that are used to make goods and services. For example; natural resources, capital, labor.
What is factors of production?
500

A way of thinking about a choice that compares the cost of an action to its benefits.

What is cost-benefit analysis?