Economics Ch 1 and 2
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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| this exists when demand is greater than the supply | scarcity
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| the study of limited resources are used to fulfill unlimited wants. | Economics
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| resources needed to produce goods and services | factors of production
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| natural resources present without human intervention, such as land, water, fish, minerals... | land
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| the work people do | labor
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| activities done for a fee | services
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| tangible items that people buy | goods
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| manufactured goods used to make other goods and services, such as tools or machinery. Investments are also included in this category. | capital (physical)
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| the ability to produce greater quantities of goods and services in better and faster ways. | productivity
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| the ability to start a new business, introduce new products and take risks to make a profit by utilizing the factors of production | entrepreneurship
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| the value of the next best alternative given up to do the action that was chosen | opportunity cost
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| exchanging one thing for use of another, such as buying a soda. | trade off
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| model used by economists so show the maximum combination of goods and services that can be produced from a fixed amount of resources in a given amount of time. They can help businesses determine what to produce | production possibility curve
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| simplified represenations of the real world | economic models
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| This economy tries to create a classless society, where governemnt offers a high degree of aid and services, however tax rates may be very high to pay for such programs. | Socialism
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| This economic theory, born in Europe during the Industrial Revolution, advocated a classless society led by workers after a violent revolution by the working class. | Communism (Marxism)....fyi, Marx lost several children during that time due to starvation.
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| temporary condition of not having enough resources | shortage
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| any use of land, labor or capital to produce goods more efficiently | technology
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| everything other than basic survival needs | want
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| when resources are not used efficiently; aka recession | underutilization
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| material well being of a person, group or nation | standard of living
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| the attempt to balance an economic policy so that everyone benefits fairly | economic equity
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| the wise use of available resources so that costs do not exceed benefits | economic efficiency
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| economic philosophy in which the government minimizes its interference in the economy | laissez faire
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| money left after all costs have been paid (wages, taxes, bills...) | profit
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| desire to make money that motivates people to produce and sell goods | profit incentive
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| economic system where private individuals own the factors of production | capitalism/market economy/free enterprise
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| economic system combining characteristics of a command and a market economy (government ownership of major industries with a degree of small privately owned businesses) | socialism
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| economic system in which individuals own the factors of production (aka capitalism) | free enterprise system
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| economic system based on customs passed down from generation to generation | traditional economy
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| economic system in which the gov't owns all of the factors of production | command economy (Communism)
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| way in which a nation uses its resoureces to satisfy it people's needs and wants | economic systems
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| graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given periodof time | production possibilities curve
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| whatever is owned by an individual instead of the gov't | private property
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| rivalry among producers or sellers of similar products to win more business | competition
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| Benefit of this economic system is the speed of decision making, such a rerouting resources. However, consumers have few choice and rights. | Communism
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| Advantages of this system include profit incentive and private property, but not all needs are met. | Free Enterprise
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