Show:
Key Concepts
Factors or Production
Production
Labor
SECTION 3
100
This is the study of how people seek to satisfy their needs and wants by making choices, or the study of how we make choices when faced with a limited supply of resources.
What is Economics?
100

What are three of the factors of production?

What are Land, labor, capital, and entrepreneurs?

100

This refers to tools, equipment, and factories used in the production of goods and services.

What are "capital goods"?

100

What is the sum of people's skills, abilities, health, knowledge, and motivation?

What is "human capital"?

100
This is a graph that shows alternative ways to use an economy’s productive resources
What is a "production possibilities curve"?
200
This is the most basic economic problem. Our wants are greater than what is available and it forces us to decide what is most important to us.
What is scarcity?
200

What is an entrepreneur and what is their goal?

An entrepreneur is a person who decides how to combine resources to make new and better products, and their goal is to make a profit.

200

Labor includes people. What are the 2 of the 3 things about people that determine their value as labor?

What are efforts, abilities, and skills?

200

What is the division of labor?

What is a way of organizing work so that each individual worker completes a separate part of the work?

200
This refers to the use of resources in a way that produces the most goods and services.
What is "efficiency"?
300
What is the difference between a "want" and a "need"?
Needs- something that is necessary to remain alive like food, water, clothing and a place to live. Wants- things that we do not need to survive, but that make our lives better.
300
This refers to all natural resources used to make goods and services.
What is land?
300

Gross Domestic Product (GDP) is a measurement of what?

What is the dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period?

300

What is specialization?

What is the assignment of tasks to workers, factories, regions, or nations that can perform the task more efficiently?

300
This refers to the use of fewer resources than an economy is capable of using.
What is "underutilization"?
400
Tell me the difference between "goods" and "services".
Goods- things that people, businesses and governments buy. Services- the work done for other people for a fee.
400
This refers to the work people do to provide goods and services.
What is "labor"?
400

What is a durable good?

What are goods that lasts 3 years or more under regular use?

400

What is the measure of goods and services produced in a specific period of time with a specific amount of resources?

What is a productivity?

400
What 3 kinds of information can be seen in PPCs?
Trade-offs, efficiency and underutilization
500
Tell me what resources are and why they are always limited.
Resources are anything that people use to make things or to do work. They are limited because our wants and needs are always greater than the resources we have to meet them.
500
This is any resource used by humans to make other goods and services.
What is "capital"?
500

What are nondurable goods?

What are goods that last less than 3 years under regular use?

500

Labor is connected intricately connected to the flow of economic activity and markets. What is the market where factors or production are sold?

What is the factor market?

500
Why did Karl Marx and Friedrich Engles write the Communist Manifesto?
After many of the working class were fed up with being exploited by the bourgeoisie and upper class Marx written the Communist manifesto as a solution to the problem of worker exploitation. Marx hoped that in writing the Communist Manifesto he would create a utopian society in which there are not any rich people or poor people and everyone would be of the same class. He wanted a revolution!