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Coming to terms
Defining Moments
How its made
A New Frontier
In Theory
100
worth that can be expressed in dollars and cents
What is value?
100
study of how people try to satisfy their needs through the careful use of scarce resources
What is economics?
100
the four factors of production
What is capital, land, labor, and entrepreneurs?
100
demonstrates the maximum combination of goods and services an economy can produce
What is the production possibilities frontier/curve?
100
the three basic economic questions
What is what to produce; how to produce it; for whom to produce?
200
tangible item that is economically useful
What is a good?
200
condition of not having enough resources to produce all the things people want
What is scarcity?
200
people with all their efforts, abilities, and skills
What is labor?
200
an economy at its production possibilities frontier is operating here
What is at full potential?
200
if we study _______, it helps us become better decision makers
What is economics?
300
tools, equipment, machinery, and factories used in the production of goods and services
What is capital?
300
alternative choices made by consumers in the marketplace
What are trade-offs?
300
manufactured goods needed to produce other goods and services
What are capital goods?
300
what it means if a country's PPC is within, but not on, the curve
What is not operating at full production?
300
situation in which some necessities have little value while some non-necessities have much higher value
What is the paradox of value?
400
the dollar value of all final goods, services, and structures produced with a country's borders
What is Gross Domestic Product (GDP)?
400
cost of the next-best alternative use of money, time, or resources when one choice is made rather than another
What is opportunity cost?
400
a good that wears out or last for fewer than three years when used regularly
What is a nondurable good?
400
indicated by an outward shift
What is economic growth?
400
actions in one part of the country or world that have an impact on what happens elsewhere exemplify this
What is economic interdependence?
500
quality of life based on the ownership of the necessities and luxuries that make life easier
What is standard of living?
500
market where the factors of production are bought and sold
What is a factor market?
500
risk-taking individual in search of profits
What is an entrepreneur?
500
4 possible causes for an outward shift on a PPF
What is a growing population; more resources; improved technology; increased productivity (labor)
500
One of Adam Smith's three main concepts from "The Wealth of Nations"
What is the paradox of value; the division of labor; specialization of production