Show:
KEY TERMS
SCARCITY
OPPORTUNITY COST
PRODUCTION POSSIBILITY CURVE
ANYTHING ELSE
100
THE PHYSICAL OBJECTS THAT SOMEONE PRODUCES
What ARE GOODS
100
THESE TWO ARE NOT THE SAME THING
What ARE SCARCITY AND SHORTAGE
100
IF YOU TAKE AN AFTER SCHOOL JOB YOUR TRADE OFF IS
What is FREE TIME
100
EACH POINT ON THE PRODUCTION CURVE REFLECTS
What is A TRADE OFF
100
TRADE OFFS CAN BE MEASURABLE OR
What is INTANGIBLE
200
THE USE OF FEWER RESOURCES THAN AN ECONOMY IS CAPABLE OF USING
What is UNDERUTILIZATION
200
THEY CREATE A GOOD OR SERVICE BY COMBINING THE FACTORS OF PRODUCTION
Who ARE ENTREPRENEURS
200
IF THE GOVERNMENT SPENDS ON GUNS WHAT DOES IT NOT SPEND ON
What is BUTTER
200
A SHIFT TO THE RIGHT AND UP
What is GROWTH IN THE ECONOMY
200
THE STUDY OF HOW PEOPLE SATISFY THEIR NEEDS AND WANTS BY MAKING CHOICES
What is ECONOMICS
300
ALL NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES
What is LAND
300
THESE ARE UNLIMITED
What ARE OUR NEEDS AND WANTS
300
THIS IS WHAT YOU GIVE UP WHEN MAKING A CHOICE
What is AN OPPORTUNITY COST
300
THE ONLY WAY TO INCREASE PRODUCTION IF YOU ARE AT MAXIMUM OUTPUT
What is TECHNOLOGY
300
LIMITED AMOUNT OF GOODS AND SERVICES AVAILABLE TO MEET UNLIMITED WANTS
What is SCARCITY
400
LAND LABOR AND CAPITAL
What ARE THE FACTORS OF PRODUCTION
400
ALL GOODS AND SERVICES ARE SCARCE BECAUSE THESE ARE ALSO SCARCE
What ARE RESOURCES
400
WHAT DO ECONOMISTS LOOK AT BESIDES OPPORTUNITY COST
What is "THINKING AT THE MARGIN"
400
THIS USUALLY LEADS TO BETTER TECHNOLOGY
What is EDUCATION
400
A FARMER MAKES A DECISON TO PLANT CORN INSTEAD OF TOMATOS, WHAT ARE THE TOMATOS
What is A TRADE OFF
500
EXPERIENCE AND EDUCATION
What is LABOR
500
SCARCITY CREATES
What ARE CHOICES
500
TO MAKE A DECISION AT THE MARGIN, ONE MUST KNOW
What is THE TOTAL COSTS OF ADDING ONE MORE UNIT
500
THESE THREE THINGS CAN BE DETERMINED BY THE USE OF THE CURVE
What is EFFICIENCY, COST AND GROWTH
500
THE KEY FACTOR IN THE FACTORS OF PRODUCTION
What is CAPITAL