Econ-Ch.1 Review

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Can you name the economic terms??

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

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