Any resources that are made by humans and used to create other goods and services are called
What is Capital
100
All the possible alternatives that are rejected when a choice is made
What are Trade-Offs
100
What is a factory building an example of?
What is Physical capital
100
An item that we desire but that is not essential to survival
What is a Want
100
Goods and services that must be given up to build a new prison.
What is Opportunity Cost
200
The resources used to make all goods and services are the
What is the factors of production
200
If a decision's opportunity cost is unclear or complicated, you can list the benefits of each alternative on a
What is a Decision-Making Grid
200
An individual that runs a service that hires people to install sprinkler systems in lawns
What is an Entrepreneur
200
The study of how people seek to satisfy their needs and wants by making choices
What is Economics
200
Bailey can take a job paying $27,000 a year when he graduates from Project, or he can go to college and pay $7,000 a year for tuition. Measured in dollars, what is his opportunity cost of going to college next year?
What is $27,000
300
Why are all goods and services scarce?
What is all resources are scarce
300
What is the opportunity cost of a decision?
What is the most desirable alternative given up for the decision
300
Limited quantities of resources to meet unlimited needs or desires
What is Scarcity
300
Paid effort that people devote to a task
What is Labor
300
The study of economics begins with the idea that people cannot have everything they ...
What is need and/or want
400
How would you describe an economy that uses its resources to make the greatest possible number of goods and services?
What is efficient
400
The government of a country, with Nolan as its leader, must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a
"Guns" or "Butter" Decision
400
Physical objects that can be exchanged
What are Goods
400
A situation in which a good or service is temporarily unavailable
What is a Shortage
400
As we shift factors of production from making one good or service to another, the cost of the second item increases. This increase is called
What is the law of increasing costs
500
A representation of the possible ways an economy could use resources
What is a production possibilities graph
500
A decision of whether to leave early in the morning or late in the day for a trip is from an economist's point view
What is thinking at the margin
500
Use of fewer resources than the economy is capable of using
What is Underutilization
500
The knowledge and skills a worker gains through education
What is Human Capital
500
The line on a production possibilities graph that shows the maximum possible output is called