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Econ Chapter 1
Economics Chapter 1 study cards
| Question | Answer |
|---|---|
| Is a television a need or a want | Want |
| What best describes wants | unlimited and ever changing |
| A person who makes goods or provides services is called a | producer |
| A supermarket running out of bananas is an example of | a shortage |
| The United States decides what goods to produce by letting | the producers and consumers decide |
| A country that does not possess oil is unlikely to produce | gasoline |
| A society with a large unskilled labor force will most likely practice | labor-intensive farming methods |
| Into what four categories do economist divide factors of production? | land, labor, capital, and entrepreneurship |
| To be a successful entrepreneur requires a willingness to | take risks |
| Which term means "making decisions based on what you believe is the best combination of costs and benefits?" | economizing |
| What does the saying "There is no such thing as a free lunch" mean? | everything costs something |
| Being guided by self-interest when making a decision means that you | attempt to maximize utility |
| An example of a trade-off is | giving up going to a movie to spend time shopping |
| The satisfaction received from using one more unit of a good or service is called | marginal benefit. |
| The benefits and costs of a choice is shown by using a | decision-making grid. |
| Deciding to go to a ballgame rather than do your homework is an example of a(n) | trade-off |
| What is another named for the production possibilities curve? | production possibilities frontier |
| What does a point inside the curve of a PPC indicate? | not all resources are fully employed |
| Using a PPC can help to increase a company's | efficiency |
| Harvesting less corn than the land is capable of producing is an example of | underutilization |
| Opportunity costs would be increased by | switching from producing one product to another |
| The addition of new resources often enables a nation to | produce more goods and services |
| A graphic organizer that is especially useful for showing changes over time is a | line graph. |
| A pie graph would be best type of graph to show | a comparison of Internet use in various regions of the world |
| Data on DVD sales for three different years can best be compared by using a | bar graph |
| A line graph that shows rising and falling profits over several years would have a(n) | varied slope |
| hich of the following would macroeconomics study? | a general rise in prices |
| Which of the following explains economics as it is, not as it should be? | positive economics |
| A normative economist might conclude that | a lottery is a bad policy because it burdens the poor |
| A economist who studies only the rise in price of tea would be labeled a | microeconomist |
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