CH.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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| scarcity | not having enough resources to produce all of the things people would like to have
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| economics | the study of how people try to satisfy their wants through the use of scarce resources
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| Three basic economic questions | What to produce?How to produce?For Whom to produce?
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| factors of production | resources required to produce the things we would like to have. (land, capital, labor, and entrepreneurs)
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| land | "gifts of nature" or, natural resources not created by man
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| capital | the tools, equipment, machinery, and factories used to produce goods and services.
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| labor | people with all their efforts, abilities, and skills
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| entrepreneur | a risk-taker in search of profits who does something new with existing resources
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| production | the process of creating goods and services
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| Gross Domestic Product (GDP) | the dollar value of all final goods and services produced within a country's borders in a 12 month period
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| a good | an item that is economically useful or satisfies an economic want, such as a book, car, or dvd player
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| service | work that is performed for someone
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| value | worth that can be expressed in dollars and cents
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| utility | the capacity to be useful and provide satisfaction
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| market | a location that allows buyers and sellers to exchange a certain economic product
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| factor markets | markets where productive resources are bought and sold
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| product markets | markets where producers sell their goods and services to consumers
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| economic interdependence | we rely on others, and others rely on us, to provide the goods and services that we consume
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| trade-offs | alternative choices
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| opportunity cost | the cost of the next best alternative use of money, time, or resources when one choice is made over another
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| cost-benefit analysis | a way of thinking about a problem that compares the costs of an action to the benefits received
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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.
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.
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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Created by:
Zagerr
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