Unit 1 Vocabulary
Scarcity
What is a limited number of goods or resources to satisfy unlimited wants and needs?
Firm
What is an organization that uses resources to produce a product or service that it then sells?
These are the factors of production.
What is Land, Labor, and Capital?
The three economic questions.
What are:
What should be produced?
Who consumes these goods and services?
How should these goods and services be produced?
Underutilization
What is the use of fewer resources than an economy is capable of using?
Communism
What is a system in which the government owns and controls all resources and means of production and makes all economic decisions?
An opportunity cost of attending class.
What is
Making money?
Sleeping in?
Going to Disney?
The different types of economic systems.
What is a Mixed, Free Market, Centrally Planned, or Traditional economy?
Marginal Cost
What is the cost of adding one extra unit?
Laissez Faire
What is the idea that government should generally not intervene in the marketplace?
The school investing in ID scanners instead of new beakers for the Science lab.
What is an example of "Guns or Butter"
Economic goals of a society.
What is freedom, efficiency, security, equity, and growth?
Need
What is something someone cannot live without?
Water. Shelter. Food.
Public Good
What is a product or service that is not paid for individually and does not exclude those who do not pay?
The benefits to an economy by pairing technology and education.
What is technology can increase an economy's efficiency only if they have the skills to use it.
The negative externalities of a bridge being built.
What could be a ferry business going out of business? Is local ecosystem being altered? Lower air quality due to pollution?
Production Possibilities Curve
What is a graph that shows alternative ways to use an economy's resources?
Market Failure
What is a specific situation that when the free market, working on its own does not distribute resources efficiently?
A tradeoff of buying an apartment instead of a house.
What is
size
money
yard
These are not included in the standard of living equation
What are Education, Poverty Rates, Income Inequality, and Health Measures?