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Economics Quiz
Economics
| Term | Definition |
|---|---|
| Need | Something that is essential for survival |
| Want | Something that we desire but don't need for survival |
| Goods | Physical objects that someone produces |
| Services | Actions or activities that one person performs for another |
| Scarcity | The fact that limited amounts of goods and services are available to meet unlimited wants |
| Economics | The study of how people seek to satisfy |
| shortage | When consumers want more goods or services than can be producers are willing to make at a particular price |
| factors of production | The resources used to make all goods and services |
| land | All natural resources used to produce goods and services |
| Labor | The effort people devote to tasks which they are paid for |
| Capital | Human made resource that is used to produce other goods and services |
| Physical capital | Human made resource that is used to produce other goods and services |
| Human Capital | The knowledge and skills a worker gains through education and experience |
| Entrepreneur | People who decide how to combine resources to create new gods and services |
| Trade-Off | Giving up one benefit in order to gain another greater benefit |
| "Guns or Butter" | The choice between spending money on military or domestic needs |
| Opportunity Cost | The most desirable alternative somebody gives up as a result of decision |
| Thinking at the margin | from an economists point of view ,when you decide how much or less to do |
| Cost/Benefit analysis | A decision making process in which you compare what you will sacrifice and gain by a specific action |
| Margin Cost | The extra cost of adding one unit |
| Margin Benefit | The extra benefit of adding the same unit |
| Production Possibilities curve | A graph that shows alternative ways to use an economics productive resource |
| Production Possibilities frontier | A line of product possibilities curve that shows the maximum possible outplay an economist can produce |
| Efficiency | The use of resources in such a way as to maximize the outputs of goods and services |
| Under utilization | the use of fewer resources than the economy is capable of using |
| Law of increasing Cost | As production shifts from making one item to another ,more and more resources are needed to produce the second item |
Created by:
ayyethegemini
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