WCHS Economic chapter 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economics | the social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants
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| Production | is a process that combines economic resources so the result is a good or service that is available for sale
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| distribution | the process of getting a product or service to consumers, before the human want can be satified
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| consumption | using a product or service
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| Natural resources | unaltered gifts of nature, such as soil, minerals, timber, and fresh water, land
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| Human resources | labor, are physical and mental efforts people use to create goods and services
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| Capital resources | buildings, tools, and machines people create and use to produce final goods and services.
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| factors of production | What economist call land, labor and capital resources
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| Entrepreneurship | the imagination, innovative thinking, and management skills needed to start and operate a buisness
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| scarcity | means that an inequality exists between wants and the resources available to satisfy them, scarcity =wants>available resources
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| opportunity cost | the highest valued alternative given up as a result of making a choice
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| incentives | positive rewards for making some kind of choice or behaving in a certain way
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| disincentives | often related to such things as fines or punishment
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| trade | exchanging something for something else
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| benefits | The gains that result when a choice is made
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| cost | the losses that result when a choice is made
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| marginal | simply means the extra or additional costs or benefits of a decision
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| profit | a positive difference between total sales and total cost, meaning that total sales must be greater than total cost
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| market economy | an economy that relies on voluntary trade as the primary means of organizing and coordinating production
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| market | an arrangement that allows buyers and sellers to make exchanges.
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| macroeconomics | the study of the economy as a whole
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| microeconomics | the study of individual consumers and business
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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