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Ch 1 Econ Problem
Spalding Academy 10th Econ 2012
| Question | Answer |
|---|---|
| A condition facing all societies because there are not enough productive resources to satisfy people’s unlimited wants | Scarcity |
| A cost you have already incurred and cannot recover, regardless of what you do now | Sunk cost |
| A profit-seeker who develops a new product or process and assumes the risk of profit or loss | Entrepreneur |
| A simplification of economic reality used to make predictions about the real world | Economic Theory |
| All human creations used to produce goods and service; for example, factories, trucks, and machines | Capital goods |
| An item you can see feel and touch that requires scarce resources and satisfies human wants | Good |
| Describe a situation you have experienced that resulted in a sunk cost | Walk out of a movie you didn’t like. Sunk cost is price of ticket |
| Describe your direct cost and your opportunity cost regarding your decision of what (and where) to have lunch today. | Ate lunch at school. Direct cost: price of lunch. Opportunity cost: couldn’t eat at Kealy’s or with people who ate outside school |
| How does the scarcity of your time affect your study/homework habits? | Less likely to study or do homework if I have chores, sports practice, or stuff with friends |
| Incremental, additional, or extra; refers to a change in an economic variable, a change in the status quo | Marginal |
| So-called “gifts of nature” used to produce goods and services, includes renewable and exhaustible resources | Natural Resources |
| Something not physical that requires scarce resources and satisfies human wants | Service |
| Study of economic behavior in particular markets, such as the market for computers for computers or for unskilled labor | Market Economics |
| Study of the economic behavior of the economy as a whole, especially the national economy | National Economics |
| The broad category of human efforts, both physical and mental, used to produce goods and services | Human Resources |
| The inputs, or factors of production, used to produce the goods and services that people want | Productive Resources |
| The means by which people buy and sell something; an arrangement that allows buyers and sellers to exchange things for a market price | Market |
| The physical and mental effort used to produce goods and services | Labor |
| The study of how people use their scarce resources to satisfy their unlimited wants | Economics |
| The value of the best alternative passed up for the chosen item or activity | Opportunity Cost |
Created by:
rejoyce431
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