Miscellaneous / Econ-Ch.1 Review

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Can you name the economic terms??

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alternative choices made by consumers in the marketplace
worth that can be expressed in dollars and cents
economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions.
quality of life based on the possession of necessities and luxuries that make life easier
item that is economically useful or that satisfies an economic want
The dollar value of all final goods and services is called ______.
The assembly line is an example of what economic idea?
Increased _______ can cause the PPF to shift outward.
The study of economics is important because it enables us to become better _____ _____.
Natural resources are in what factor of production?
When economic growth takes place, the ____ shifts outward, showing that more products are produced than before.
The money used to buy the tools and equipment needed for production is called what?
work that is performed for someone
The production possibilities frontier shows the various possible combinations of output that can be produced when all ____ are full employed.
What, how, and for whom to _____ are the three basic economic questions.
The situation in which some necessities have little value while some non-necessities have a much higher value is known as what?
diagram representing various combinations of goods and/or services
Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of what?
market where productive resources are bought and sold
cost of the next best alternative use of money, time, or resources when one choice is made rather than another
The ____ of production include land, labor, capital, and entreprenurs.
manufactured goods that are used to produce other goods
tools, equipment, machinery, and factories used in the production of goods and services
Tools and machinery are in what factor of production?
If the percent of households with TV's and Cars is increasing, what economic idea is increasing as well?
people with all their efforts, abilities, and skills.
process of using up goods and services to satisfy wants and needs
sum of those economic products that are tangible, scarce, useful, and transferable
study of how people try to satisfy their needs and wants through the use of limited resources
process of creating goods and services
condition of not having enough resources to produce all the things people want
A popular model used to illustrate the concept of opportunity cost is called what?
basic requirement for survival
Economic _______ causes the production possibilities frontier to shift outward.
any good that lasts three years or more when used regularly
An economy at its ________ _______ ________ is operating at full potential.
If all resources are not being utilized, a country will be operating ____ their PPF.
____ ___ ___ is a key measure of a nation's economic health.
way of expressing a need that leads to a preference for some goods over others
Manufactured goods needed to produced other goods and services is called what?

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