The study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources

The idea of unlimited wants and limited resources gives us the economic problem all economies face known as?

Basic requirements for survival

The cost of the next best alternative use of money, time or resources when on choice is made rather than another

Alternatives that must be given up when one is chosen rather than another

Something we would like to have but is not a necessity for survival

Factors of Production

Productive resources needed to produce goods; they include land, labor, capital and entrepreneurship. (You will need to be able to identify examples of each)

Ability or capacity of a good or service to be useful and give satisfaction to someone is known as?

this is the extra cost of production one additional unit of production?

Production possibilities curve

This diagram/graph represents the maximum combinations of good and/or services an economy can produce when all productive resources are fully employed

A good intended for final use by consumers other than businesses

The benefit associated with the production of one additional item

This allows people to concentrate on a single activity or area of expertise

Anything that can be used to produce goods and services

Tools, Equipment or other manufactured goods used to produce other goods and services

Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land.

Labor refers to the effort expended by an individual to bring a product or service to the market

Instead, it facilitates the acquisition of the items that produce or provide them.

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Econ

Question	Answer
Economics	The study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
Scarcity	The idea of unlimited wants and limited resources gives us the economic problem all economies face known as?
Needs	Basic requirements for survival
Allocate	The distribution of resources
Opportunity cost	The cost of the next best alternative use of money, time or resources when on choice is made rather than another
Trade offs	Alternatives that must be given up when one is chosen rather than another
Wants	Something we would like to have but is not a necessity for survival
Factors of Production	Productive resources needed to produce goods; they include land, labor, capital and entrepreneurship. (You will need to be able to identify examples of each)
Utility	Ability or capacity of a good or service to be useful and give satisfaction to someone is known as?
Marginal Cost	this is the extra cost of production one additional unit of production?
Production possibilities curve	This diagram/graph represents the maximum combinations of good and/or services an economy can produce when all productive resources are fully employed
Consumer good	A good intended for final use by consumers other than businesses
Marginal benefit	The benefit associated with the production of one additional item
Specialization	This allows people to concentrate on a single activity or area of expertise
Resources	Anything that can be used to produce goods and services
Capital Good-	Tools, Equipment or other manufactured goods used to produce other goods and services
Land	Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land.
Labor	Labor refers to the effort expended by an individual to bring a product or service to the market
Capital	Instead, it facilitates the acquisition of the items that produce or provide them.

Created by: user-2016309

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