Terms Pearson Chapter 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| scarcity | A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants at a zero price
🗑
|
||||
| Production | Any activity that results in the conversion of resources into products that can be used in consumption.
🗑
|
||||
| Land | The natural resources that are available from nature
🗑
|
||||
| Labor | Productive contributions of humans who work
🗑
|
||||
| Physical capital | All manufactured resources, including buildings, equipment, machines, and improvements to land that are used for production
🗑
|
||||
| Human Capital | The accumulated training and education of workers
🗑
|
||||
| Entrepreneurship | The component of human resources that performs the functions of raising capital
🗑
|
||||
| Goods | All things from which individuals derive satisfaction or happiness
🗑
|
||||
| Economic goods | Goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price
🗑
|
||||
| Services | Mental or physical labor or help purchased by consumers.
🗑
|
||||
| Opportunity costs | The highest-valued next-best alternative that must be sacrificed to obtain something or to satisfy a want.
🗑
|
||||
| Production Possibilities Curve (PPC) | A curve representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality
🗑
|
||||
| Technology | Society's pool of applied knowledge concerning how goods and services can be produced
🗑
|
||||
| Efficiency | The case in which a given level of inputs is used to produce the maximum output possible.
🗑
|
||||
| Inefficient point | Any point below the production possibilities curve. Unemployment
🗑
|
||||
| Law of Increasing additional cost | The fact that the opportunity cost of additional units of a good generally increases as society attempts to produce more of that good.
🗑
|
||||
| Consumption | The use of goods and services for personal satisfaction
🗑
|
||||
| Specialization | The organization of economic activity so that what each person (or region) consumes is not identical to what that person (or region) produces.
🗑
|
||||
| Comparative advantage | The ability to produce a good or service at a lower opportunity cost to other producers.
🗑
|
||||
| Absolute Advantage | The ability to produce more units of a good or service using a given quantity of labor or resource inputs
🗑
|
||||
| Division of Labor | The segregation of resources into different specific tasks. Ex. assembly line
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
bschlessy
Popular Economics sets