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Economics

Coach Sutton

QuestionAnswer
Worth that can be expressed in dollars and cents. Value
Study of how people try to satisfy their needs through the careful use of scarce resources. Economics
Tools, equiptment, machinery, and factories used in the production of goods and services. Capital
Condition of of not having enought resouces to produce all the things that people want. Scarcity
Cost of the next-best alternative use of money, time, or resources when one choice is made rather than another. Opportunity Cost
Sum of those ecnomoic products that are tangible, scarece, useful, adn transferable. Wealth
People with all there abilities, efforts, and skills. Labor
Alternative choices made by consumers in the marketplace. Trade-offs
Quality of life based on the ownership of the necessities and luxuries that make life easier. Standard of Living
Tangible item that is economically useful or that satisfies an economic want. Good
The situation in which some necessities have little value while some non-necessities have a much higher vaule known as... Paradox of Value
Manufactured goods needed to produce other goods and services are called... Capital Goods
To arive at an economic decision, a desicion-making grid may be used to evaluate... Alternative Choices of Action
Divison of labor is a characteristic of... Assembly Line Production
The study of economics is important because it enables us to... Increase Our Consumption Of Consumer Goods.
Manifactured good that is used to produce other goods and services. Captial Good
Process of using up goods and services to satisfy wants and needs. Consumption
Basic requriment for survival. Need
Something we would like to have but is not nesscary for survival. Want
Work that is performed for someone. Service
Diagram representing various combinations of goods and/or services that an economy can produce when all production resources are fully employed. Production Possibilties Frontier
A measure of the amount of goods and services produced with a given amount of resources in a specific period of time. Productivity
Where factors of production are bought and sold. Factor Market
Any good that lasts three years or more when used regularly. Durable Good
Economy in which consumers and privately owned businesses make then majority of the WHAT, HOW, and FOR WHOM decisions. Free Enterprise
The dollar value of all final goods, services, and structures produced within a country's boarders in a single year is... It's Gross Domestic Product (GDP)
A popular model used to illustrate the concept of opportunity cost is... The Production Possibilities Forontier
An economic at its production possibilities frontier is operating... At Full Postential
Entrepreneurs are considered the driving force in an economy because they... Start New Businesses
Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of... Economic Interdepence
Created by: horserider101
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