Vocab
Basic requirement for survival, including food, clothing & shelter:
What is a Need?
Scarcity:
What is
Opportunity Cost:
What is the cost of the next best alternative use of money, time or resources, when one choice is made rather than another?
Simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation or diagram:
What are economic models?
According to Google's Search Engine, this individual was 2022's most searched:
Who is Johnny Depp?
Ability or capacity of a good or service to be good or useful & give satisfaction to someone:
What is a utility?
This is the paradox of value:
What is the apparent contradiction between the high value of a nonessential item & the low value of an essential item?
Monetary value of all final goods, services & structures produced within a country’s national borders during a one-year period:
What is Gross Domestic Product (GDP)?
This is a market:
What is a meeting place or arrangement through which buyers & sellers interact to determine price & quantity of an economic product. May be local, regional, national or global?
Which is the older institution: UND or NDSU:
What is UND?
This is a want:
What is something we would like to have but is not necessary for survival?
Three Questions all Societies face:
What are:
What to Produce?
How to Produce?
For Whom to Produce?
Four Factors of Production:
What are:
Land
Labor
Capital
Entrepreneurship?
Identify & compare the relationship between division of labor, specialization & economic interdependence:
What are:
Division of Labor – is a way of organizing work so that each worker or work group completes a separate part of the overall task. (Assembly line)
Specialization – assignment of tasks to the workers, factories, regions, nations that can perform them most efficiently. (Burger King sells burgers / Nike sells shoes)
Economic Interdependence – mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation?
Social science dealing with how people satisfy seemingly unlimited & competing needs & wants with the careful use scarce resources:
What is economics?
Sum of tangible economic goods that are scarce, useful & transferable from one person to another, excluding services:
What is wealth?
Alternative that must be given up when one choice is made rather than another:
What is a trade-off?
Mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region or nation:
What is economic interdependence?
Quality of life based on ownership of necessities & luxuries that make life easier:
What is standard of living?
This is value:
What is monetary worth of a good or service as determined by the market?
Identify & explain the four types of goods. Include at least one example of each good:
What are:
Durable: Tangible products that can be stored or inventoried and that have an average life of at least three years.
Example: Tools
Non-Durable: Tangible products that can be stored or inventoried and that have an average life of less than three years.
Example: Foods
Capital: The assets used by businesses in the course of producing their products and services.
Example: Machinery
Consumer: Goods bought and used by consumers, rather than by manufacturers for producing other goods.
Example: Automobiles?
This is a Production Possibilities Curve:
What is a diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed?
This is the Free-Enterprise Economy:
What is a market economy in which privately-owned businesses have the freedom to operate for a profit with limited government intervention?
Pronounce this word correctly: Yosemite
What is, "Yo-sem-me-tea",?