Economics- Chapter 1
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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| how people seek to satisfy their needs and wants | Economics
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| best combination of costs and benefits | Economize
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| a benefit offered to envourage people to act a certain way | Incentive
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| the way society uses resources to satisfy people's wants | Economic systems
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| give up something you value for something you want | Voluntary Trade
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| lack of enough resources to satisfy everyone | Scaracity
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| a situation in which a good or service is unavailable | shortage
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| natural resources that are used to make goods and services | land
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| the effort that people devote to a task for which they are paid | labor
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| any human-made resource that is used to create other goods and services | capital
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| all human-made goods that are used to produce other goods and services, tools and buildings | Physical Capital
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| the skills and knowledge gained by a worker through education and experience | Human Capital
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| ambitious leader who combines land, labor, and capital to create and market new goods and services | Entrepreneur
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| an alternative that we sacrifice when we make a decision | Trade-Off
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| a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods | Guns or Butter
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| the most desirable alternative given up as the result of a decision | Opportunity Cost
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| deciding whether to do or use one additional unit of some resource | Thinking at the Margin
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| a graph that shows alternative ways to use an economy's resource | Production Possibilities Curve
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| the line on the PPC that shows the max possible output | Production Possibilities Frontier
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| using resources in such a way as to maximize the production of goods and services | Efficiency
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| using fewer resources than an economy is capable of using | Under utilization
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| to an economist, the alternative that is given up because of a decision | Cost
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| law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases | Law of Increasing Costs
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