Econ-Ch.1 Review

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Can you name the economic terms??

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

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