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CCHS, Economics 1

Economics Test 1:Hanchett

QuestionAnswer
What is economics? the study of how people, businesses, and economies/nations allocate limited or scarce resources.
What are the factors of production? (Hint: 4 Types- C.E.L.L.) 1. Capital 2. Entrepreneurship 3. Land 4. Labor
Define the term "capital" and give an example man-made goods that allow another good or service to be made or occur. Example: books, the school, pencil, scissors (anything that is used directly or indirectly to create another good or service.
Define the term "entrepreneurship" and give an example this is a person who begins a business. He or she is the person with the ideas and a risk taker. Examples: Bill Gates, Phil Knight, Steve Jobs.
Define "land" and give an example natural resources. examples: oil, trees, plants, animals, ore
Define "labor" and give an example people working. examples:
What is known as **the fundamental economic problem**? Scarcity is the "fundamental economic problem".
Define "scarcity" and give an example This is when there are unlimited wants but limited resources. An example is when there are many people wanting a certain TV during Black Friday, but the store runs out. Another example is when people want a certain kind of shoe, but all shoes sell out.
"3 Basic Questions to Ask" when there is scarcity 1. What to produce 2. How to produce 3. For Whom to Produce
Define "trade off" and give an example the act of choosing one thing of value over another thing of value (example: choosing to purchase tickets for a movie and eating at home vs. eating out at a restaurant)
Define "opportunity cost" and give an example. the value of the next best alternative given up. (example: the item given up--at the movies, one decides to get a popcorn instead of a soda. The soda is the opportunity cost.
What is a "production possibilities frontier curve"? graph representing production trade offs of an economy given fixed resources.
What are 2 Ways to Have Economic Growth? 1. Add more resources 2. Making the "division of labor" more efficient
What is the meaning of "division of labor"? Give an example. The breaking up of tasks into more manageable efforts. Example: An assembly line
What occurs when there is a "division of labor"? (Hint: How does a division of labor help a process) It increases specialization and specialization increases efficiency.
What is the result of specialization? The task is done with greater efficiency.
What is a "rational economic decision"? a 'good' economic decision, when the marginal benefits outweigh marginal costs.
What is an "irrational economic decision"? a 'bad' economic decision, when the marginal costs outweigh the marginal benefits.
Created by: khanchett
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