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Eco- ch 1 text 2011

What is the study of how individuals and society make choices to use scarce resources to fill unlimited needs and wants? economics
What is the most basic problem of economics? scarcity
What exists when demand is greater than supply? scarcity
What is the temporary condition of not having enough resources called? shortages
What is an example of a shortage? Haiti not having having enough medicine to treat the sick after the hurricane in 2006
To economists, everything other than a basic survival item is a what? want
The need to make choices arises because resources are limited, but needs and wants are unlimited.
What are resources used to produce goods and services called? factors of production
List the 4 factors of production land. labor, capital (human and physical) and entrepreneurship
What is the amount of output that results from a given level of inputs (land, labor, capital)? productivity
What are advances in knowlege leading to new and improved goods and services and better ways of production? technology
The exchange of one item for the use of another is know as what? a trade-off
What refers tot he natural resources and actual surface land? land
WHat refers tot he work people do? labor
What refers to the manufactured goods used to make other goods? capital
What type of capital would job training and workshops be considered? human capital
The ability of risk talking people to develop new products and start business in order to make a profit is know as what? entrpreneurship
What FOP are: assembly lines, factories, wrenches... capital
What FOP are: oil, water, 10 acres land
What FOP are: painter, doctor, machinist labor
What FOP are: business owners, Bill Gates, Mark Cuban entrepreneurs
What is the value of the next best alternative given up in a trade off? opportunity cost
Even the wealthiest man in the world experiences scarcity in terms of what resource? time
What is the graph that shows the maximum combination of goods and services that can be produced from a fixed amount of reources and set amount of time? PPC- production possibilities curve
What direction will a PPC shift if a new sources of labor is introduced? right
What direction will a PPC shift if natural resources are lost? left
The model "Guns Vs. Butter" refers to what? production of military goods vs. consumer goods
In a PPC, what are the different types of resources that could cause a shift in the curve to the left or right? loss or gain of land, labor, capital, entrepreneurship
What do you call the amount of decrease of a product due to the loss of resources? a recessionary gap
If a country were underutilizing its resources (recession), where would the point of production be on a PPC? to the left of the original curve
What is the difference between a want and a need? needs are basic to survival; wants are not
Why must consumers make choices? everything that exists is limited
How are trade offs and opportunity costs related? every trade off involves an opportunity cost
What is the opportunity cost of going to a four year college after high school instead of working? potential earnings
What does making a trade off require you to do? exchange one thing for another
Created by: davislauren