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Scarcity

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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Question
Answer
What is the difference between a need and a want?   A need is required for survival and a want is a luxury.  
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What is economics?   A social science that studies how people allocate their limited natural resources  
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What is the driving force of economics?   To distribute limited resources to satisfy unlimited wants and needs  
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Why is Economics a social science?   Because it looks at the behaviors of people  
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What are goods?   Something that people want. Can be touched.  
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what are services?   Work for another; helpful or professional activity.  
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What is microeconomics?   The economy of the individual or firms  
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What is macroeconomics?   The economy as a whole  
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What is scarcity?   The reason for economics - resources are limited yet wants and needs are unlimited  
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What are the factors of production?   Items used to produce goods and services, including land, labor, capital, entrepreneurship  
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Land?   natural resources not created by effort of man, are fixed or limited in supply. Examples of land: water, sunlight, oil, whales  
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Incentive?   A reason for doing something. A reward for making a choice or behaving a certain way.  
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Labor?   Human resources, workers. Examples of labor: effort, ability, and skills of humans used in production  
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Marginal?   Extra or additional  
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Capital?   What is needed to made product. Examples of capital: Tools, equipment, and factories, money, training and education  
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Market?   An arrangement that allows buyers and sellers to make exchanges.  
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Entrepreneurship?   Brings together the factors of production, the risk taker in search for profit  
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What questions are answered by studying about Economics?   What, How, For Whom?  
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What is opportunity cost?   The cost of the next best alternative use of time, money, or resources  
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What is a trade-off?   An alternative choice regarding income or time  
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Created by: brittany2215
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