Food, water, and shelter are examples of ______, while Pizza, Dr. Pepper, and a mansion are examples of ______.
What are needs and wants?
100
a useful, tangible, scarce, product that is transferable to others
What is a good?
100
Labor performed for someone
What is a service?
100
A fancy name for a purchase. When you give up something for another thing in return. Ex. Is giving up your truck for a van to save money on gas, and for the safety of your kids.
What is trade-off?
100
the driving force that inspires people to improve their businesses and lives
What is profit motive?
200
The result of limited resources and unlimited wants
What is scarcity?
200
Each worker has less to do but in turn does their job faster ex. is an assembly line
What is specialization?
200
The ability of a good or service to actually be useful
What is utility?
200
It's what you could've bought instead
What is opportunity cost?
200
when buyers and sellers freely engage in market transactions
What is voluntary exchange?
300
Natural resources or "gifts of nature" ex. oil, lumber, gold, etc...
What is land?
300
people's efforts and abilities put to work
What is labor?
300
a market where goods and services are offered for sale
What is a product market?
300
an organized way in which a society provides for the wants and needs of its people
What is an economy?
300
business lowing there products price in hope to attract more customers to there product to make the most profit
What is competition?
400
An individual that takes risks in search of profits ex. Michael Dell.
What is an entrepreneur?
400
the sum of tangible goods that are scarce, useful, and transferable
What is wealth?
400
The degree to which resources are used efficiently
What is productivity?
400
quality of life
What is standard of living?
400
the consumer's role in determining what is produced
What is consumer sovereignty?
500
Everything used to produce goods and services is called _______.
All the money spent on the things used to produce goods and services is called ______.
What is capital and financial capital?
500
The contradiction between highly valued nonessentials and lowly valued essentials
What is paradox of value?
500
a market that is used to exchange resources, labor, capital, and natural resources
What is a resource market?
500
an economy that is allowed to play out with minimal government interference
What is free enterprise?
500
These are 3 economic goals. They include:
1)the level of employment rates without unemployment
2)not too much inflation or deflation over time
3)a period of time where a nation's total output increases
What is full employment?
What is price stability?
What is economic growth?