What Is Economics?
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 | the condition that results from society not having enough resources to produce all the things that people want
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| Factors of Production | resources required to produce the things we would like to have such as, LAND, LABOR, CAPITAL, and ENTREPRENEURS
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| Economics | the study of how people try to satisfy what seems to be unlimited wants through relatively scarce resources
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| Want | basic need related to survival
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| Financial Capital | the money used to buy the tools and equipment used in production
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| Need | basic requirement for survival like food, clothing, and shelter
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| Gross Domestic Product (GDP) | dollar value of all final goods and services; comprehensive measure of total output
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| Good | item that is economically useful or satisfies an economic want
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| Service | work performed for someone
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| Economic Product | goods/services that are useful, relatively scarce, and transferable
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| Consumer Good | intended for final use by individuals
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| Capital Goods | goods used to produce other goods and services
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| Standard of Living | quality of life
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| Opportunity Cost | cost of the next best alternative use of money, time, or resources
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| Value | worth expressed in dollars and cents
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| Trade-off | alternative choices
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| Utility | capacity to be useful
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| Free Enterprise Economy | businesses make the WHAT, HOW, and the FOR WHOM questions
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| Wealth | economic sense, accumulation of the product's that are tangible, scarce, useful, and tangible
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| Market | a location or other mechanism that allows buyers and sellers to exchange a certain economic product
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| Product Markets | markets where producers sell their goods and services to customers
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| Factor Markets | markets where productive resources are bought and sold
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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:
SEN10Rof2010
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