Key Vocabulary for Chapter 1
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| FACTORS OF PRODUCTION | LAND, LABOR, CAPITAL AND ENTREPRENEUR
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| STUDY OF HOW PEOPLE TRY TO SATISFY UNLIMITED WANTS WITH LIMITED RESOURCES | ECONOMICS
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| 3 BASIC QUESTIONS OF ECON. | WHAT
HOW
WHOM
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| TOOLS, EQUIPMENT OR FACTORIES USED IN THE PRODUCTION OF GOODS OR SERVICES | CAPITAL
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| IN WHAT MARKET DOES THE CONSUMER SPEND THEIR INCOME? | PRODUCT MARKET
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| OPPORTUNITY COST | THE COST OF THE NEXT BEST ALTERNATIVE
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| MARKET WHERE GOODS/SERVICES ARE BEING SOLD | PRODUCT MARKET
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| PARADOX OF VALUE | CONTRADICTION BETWEEN THE HIGH VALUE OF A NONESSENTIAL ITEM AND THE LOW VALUE OF AN ESSENTIAL ITEM
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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:
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