Definitions for first test Keely Spugnardi
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | desires that can be satisfied by consuming a good or service
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| Needs | show 🗑
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| Scarcity | show 🗑
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| show | study of how individuals & societies satisfy their unlimited wants with limited resources
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| show | physical objects such as clothing, food, and furniture that can be purchased
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| Services | show 🗑
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| Consumer | show 🗑
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| Producer | show 🗑
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| show | economic resources needed to produce goods & services
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| show | all natural resources on or under the ground that are used to produce goods & services
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| Labor | show 🗑
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| show | all resources people make and use to produce and distribute goods and services
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| show | combonation of vision, skill, ingenuity, and willingness to take risks that is needed to create and run a new business
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| Incentives | show 🗑
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| show | benefit or satisfaction gained from using a good or service
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| show | to make decisions according to what is believed to be the best combonation of costs and benefits
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| show | alternative someone gives up when making an economic choice
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| show | value of something that is given up by choosing one alternative over another
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| show | Practice of examing the costs and expected benefits of a choice as an aid to decision making
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| Marginal Cost | show 🗑
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| Marginal Benefit | show 🗑
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| show | a simplified representation of economic activites, systems, or problems
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| show | graph used to illustrate the impact of scarcity on an economy
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| Efficiency | show 🗑
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| show | condition in which economic resources are not being used to their full potential, resulting in fewer goods and services
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| Law of Incresing Oppourtunity Costs | show 🗑
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| Statistics | show 🗑
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| show | study of the behavior of indiviual players- such as individuals and families- in an ecomy
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| Macroeconmics | show 🗑
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| show | way of describing & explaining economics as it is
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| show | way of describing & explaing what economics should be
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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.
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Created by:
KSpugnardi