Eco- ch 1 text 2011
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| What is the study of how individuals and society make choices to use scarce resources to fill unlimited needs and wants? | economics
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| What is the most basic problem of economics? | scarcity
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| What exists when demand is greater than supply? | scarcity
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| What is the temporary condition of not having enough resources called? | shortages
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| What is an example of a shortage? | Haiti not having having enough medicine to treat the sick after the hurricane in 2006
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| To economists, everything other than a basic survival item is a what? | want
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| The need to make choices arises because | resources are limited, but needs and wants are unlimited.
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| What are resources used to produce goods and services called? | factors of production
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| List the 4 factors of production | land. labor, capital (human and physical) and entrepreneurship
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| What is the amount of output that results from a given level of inputs (land, labor, capital)? | productivity
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| What are advances in knowlege leading to new and improved goods and services and better ways of production? | technology
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| The exchange of one item for the use of another is know as what? | a trade-off
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| What refers tot he natural resources and actual surface land? | land
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| WHat refers tot he work people do? | labor
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| What refers to the manufactured goods used to make other goods? | capital
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| What type of capital would job training and workshops be considered? | human capital
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| The ability of risk talking people to develop new products and start business in order to make a profit is know as what? | entrpreneurship
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| What FOP are: assembly lines, factories, wrenches... | capital
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| What FOP are: oil, water, 10 acres | land
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| What FOP are: painter, doctor, machinist | labor
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| What FOP are: business owners, Bill Gates, Mark Cuban | entrepreneurs
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| What is the value of the next best alternative given up in a trade off? | opportunity cost
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| Even the wealthiest man in the world experiences scarcity in terms of what resource? | time
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| What is the graph that shows the maximum combination of goods and services that can be produced from a fixed amount of reources and set amount of time? | PPC- production possibilities curve
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| What direction will a PPC shift if a new sources of labor is introduced? | right
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| What direction will a PPC shift if natural resources are lost? | left
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| The model "Guns Vs. Butter" refers to what? | production of military goods vs. consumer goods
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| In a PPC, what are the different types of resources that could cause a shift in the curve to the left or right? | loss or gain of land, labor, capital, entrepreneurship
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| What do you call the amount of decrease of a product due to the loss of resources? | a recessionary gap
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| If a country were underutilizing its resources (recession), where would the point of production be on a PPC? | to the left of the original curve
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| What is the difference between a want and a need? | needs are basic to survival; wants are not
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| Why must consumers make choices? | everything that exists is limited
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| How are trade offs and opportunity costs related? | every trade off involves an opportunity cost
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| What is the opportunity cost of going to a four year college after high school instead of working? | potential earnings
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| What does making a trade off require you to do? | exchange one thing for another
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