What's the Use?
A Little Edgy
Give Me More!
Frontier Life
200
Items that people want or need and which provide utility are given this name.
What are goods?
200
This decision-making process compares what will be sacrificed and gained by a specific course of action.
What is a cost-benefit analysis?
200
The term describes the principle that all resources are limited.
What is scarcity?
200
This type of graph shows alternative ways to use a country's productive resources.
What is a production possibility curve?
400
The saws and drills used by a woodworker to make furniture are this type of capital.
What is Physical Capital?
400
This is the extra expense of adding one unit of value.
What is marginal cost?
400
By definition, a scarce resource must be both of these.
What are limited and desired?
400
An economy that is producing the maximum amount of goods and services is considered to be operating in this way.
What is efficiently?
600
Actions or activities that a person performs for others are described by this term.
What are services?
600
This is the additional gain of adding one unit of value.
What is marginal benefit?
600
This term describes a situation in which producers cannot or will not offer a good or service at current prices.
What is a shortage?
600
This principle states that as production shifts from making one item to another, more and more resources are necessary to increase production of the second item.
What is the Law of Increasing Costs?
800
A worker's education and/or experience represents this type of capital.
What is human capital?
800
This is the answer to most questions (economic and otherwise).
What is "it depends"?
800
Entrepreneurs expend effort and take risks in order to gain this, which is calculated by subtracting costs from revenue.
What is profit?
800
An economy that is producing at a point inside its Production Possibility Curve is said to be doing this with its resources.
What is underutilizing?
1000
This term is used to describe goods that are produced for the personal use of the purchaser.
What are consumer goods?
1000
This type of decision making is possible only when the available alternatives can be divided into increments.
What is a decision at the margin?
1000
This term is used to describe the character of human beings, who by their nature want more rather than less.
What are maximizers?
1000
A production possibility curve that is moving outward indicates this positive economic trend.
What is growth?