An individual can't have enough income, time, or other resources to satisfy their every desire.
What is scarcity
100
Natural resources used to produce goods and services
What is land
100
The value of the next best alternative that had to be given up for the choice choosen
What is opportunity costs
100
Human resources used to produce goods and services
What is labor
100
What is the difference between wants and needs?
What is not very clear. Everyone needs certain basic things, enough food, clothing, and shelter to survive. Wants are items that are not needed but wanted.
200
All of the property people use to make other goods and services?
What is capital
200
All the property people used to make goods and services
What is capital
200
Exchange on thing for another
What is trade-off
200
The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants
What is economics
200
What are the four types of resources?
What is land, labor, capital, and entrepreneurship.
300
The ability of individuals to start new businesses, to introduce new products and techniques?
What is entrepreneurship
300
Together land, labor, capital and entrepreneurship
What is factors of production
300
The distribution of goods used for military and civilians
What is guns and butter
300
Everything other than the basic needs
What are wants
300
When you decide whether to spend your money on clothes or a new CD, you are making an ________ _____.
What is an economic choice
400
All the combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
What is production possibilities
400
Factors of production produce?
What is goods and services
400
Scarcity always exists whereas _________ are always temporary, and most often exist after major natural disasters.
What are shortages
400
What you can buy with your income as a student is limited by the amount of income as a student is limited by the amount of income you have. In this case, your income is the scarce resource. You're experiencing _______.
What is scarcity
500
The ability to produce greater quantities of goods and services in better and faster ways
What is productivity
500
The use of science to develop new products and new methods for producing and distributing goods and services
What is technology
500
How do people determine how much to produce? What are the trade-offs and opportunity costs involved in each decision? The concept of _________ __________ is useful in examining this problem.
What is production possibilities
500
An _________ _____ is a simplified representation of the real world.
What is an economic model
500
The difference between _____ and _____ is unclear because everyone has different ones.