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Economics Chp. 1

Richter-Economics Chp. 1-CHS

A ___ occurs whenever and wherever people voluntarily make exchanges with one another. market
A ___ uses markets (voluntary exchange) as the primary means of organizing and coordination production. market economy
___ is the study of people producing and exchanging to get the goods and services they want. Economics
___ are physical products businesses produce-like computers, basketball shoes, pizza, and drill presses. Goods
___ are products you can't touch-like plumbing and auto repairs, taxi rides, and haircuts. Services
___ is the result of an inability to satisfy all of everyone's wants. Scarcity
___ are unaltered gifts of nature. Natural resources
___, or labor, are the physical and mental efforts of people used to create goods and services. Human resources
___ are the buildings, tools, and machines people use to produce other goods and services. Captial resources
___ is the best alternative given up when making a choice. Opporutnity cost
___ is imagination, innovative thinking, and the management skill needed to start and operate a business. Entrepreneurship
A ___ is a choice that involves giving up some of one thing to have more of another. trade-off
The system that results from choices we make as consumer, workers, business owners or managers, and government officials. Economy
We can't satisfy all wants because there are not enough ___-capital, human, natural-to produce all we want. resources
Since producing any good or service requires natural, capital, and human resources, economists often call them ___. factors of production
Markets allow businesses and individuals who own their resources to exchange them. In a system of ___, both parties benefit. voluntary exchange
Created by: pennyboone