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Econ Unit 1

QuestionAnswer
What does an economist study? how people deal with the scarcity
What is scarcity? an economic problem resulting from a combination of scarce resources and people's virtually unlimited needs and wants
Why is it scarcity constant? because humans have unlimited needs and wants
What is a need? needs are necessities
What is a want? wants are luxuries
What are the three economic questions all societies face? What to produce? How to produce? Who to produce for?
What is a good? a tangible item
What is an example of a good? bread or a phone
What is a service? an intangible actions performed for others
What is an example of a service? repairs and yard work
What are the factors of production? labor, land, capital, and entrepreneurship
Explain what labor is? any human effort/work
Explain what land is? anything not human-made
Explain what entrepreneurship is? has risked his/her own money for the business
Explain what capital is? tools, buildings, or equipment used in production
What are the two types of capital? Human and physical
What is human capital? education, training
What is physical capital? stethoscope
What is an entrepreneur? someone who has risked his/her own money and makes decisions about running the business
What is opportunity cost? the value of the next best alternative
What are trade-offs? the alternatives given up every time you make a choice
What does a production possibilities curve demonstrate? shows the alternative ways to use an economy's resources
How does cost-benefit analysis help make economic decisions? by subtracting total costs from total benefits
What is cost-benefit analysis? comparison of the cost of an action to its benefits
What is the circular flow model? an illustration used to show how markets connect people and businesses in society
Explain the factor market market in which productive resources are bought and sold
Explain the product market market in which goods and services are bought and sold
How do the two markets work together? Through the flow of money --> wages, rents, dividends, and consumer expenditure
Created by: lauren.brodsky16
 

 



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