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Ch 1 Econ Problem

Spalding Academy 10th Econ 2012

QuestionAnswer
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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