Economics Chapter 1 study cards
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| Is a television a need or a want | Want
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| What best describes wants | unlimited and ever changing
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| A person who makes goods or provides services is called a | producer
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| A supermarket running out of bananas is an example of | a shortage
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| The United States decides what goods to produce by letting | the producers and consumers decide
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| A country that does not possess oil is unlikely to produce | gasoline
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| A society with a large unskilled labor force will most likely practice | labor-intensive farming methods
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| Into what four categories do economist divide factors of production? | land, labor, capital, and entrepreneurship
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| To be a successful entrepreneur requires a willingness to | take risks
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| Which term means "making decisions based on what you believe is the best combination of costs and benefits?" | economizing
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| What does the saying "There is no such thing as a free lunch" mean? | everything costs something
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| Being guided by self-interest when making a decision means that you | attempt to maximize utility
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| An example of a trade-off is | giving up going to a movie to spend time shopping
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| The satisfaction received from using one more unit of a good or service is called | marginal benefit.
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| The benefits and costs of a choice is shown by using a | decision-making grid.
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| Deciding to go to a ballgame rather than do your homework is an example of a(n) | trade-off
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| What is another named for the production possibilities curve? | production possibilities frontier
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| What does a point inside the curve of a PPC indicate? | not all resources are fully employed
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| Using a PPC can help to increase a company's | efficiency
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| Harvesting less corn than the land is capable of producing is an example of | underutilization
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| Opportunity costs would be increased by | switching from producing one product to another
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| The addition of new resources often enables a nation to | produce more goods and services
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| A graphic organizer that is especially useful for showing changes over time is a | line graph.
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| A pie graph would be best type of graph to show | a comparison of Internet use in various regions of the world
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| Data on DVD sales for three different years can best be compared by using a | bar graph
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| A line graph that shows rising and falling profits over several years would have a(n) | varied slope
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| hich of the following would macroeconomics study? | a general rise in prices
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| Which of the following explains economics as it is, not as it should be? | positive economics
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| A normative economist might conclude that | a lottery is a bad policy because it burdens the poor
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| A economist who studies only the rise in price of tea would be labeled a | microeconomist
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