for unit test
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 | Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
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| Economics | show 🗑
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| Need | show 🗑
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| show | fundamental economic problem facing all societies that results from a combination of limited resources and people's virtually unlimited wants
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| Want | show 🗑
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| show | productive resources that make up the four categories of land, capital, labor, and entrepreneurship
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| Land | show 🗑
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| Capital | show 🗑
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| Labor | show 🗑
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| show | risk-taking individual in search of profits who provides the original idea for a business; one of four factors of production
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| show | dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period
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| show | work or labor preformed for someone; economic product that includes haircuts, home repairs, forms of entertainment
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| Value | show 🗑
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| show | apparent contradiction between the high value of a nonessential item and the low value of an essential item
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| utility | show 🗑
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| show | sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
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| Economic Growth | show 🗑
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| Productivity | show 🗑
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| show | sum of peoples' skills, abilities, health, and motivation
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| show | division of work into a number of separate tasks to be preformed by different workers
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| opportunity cost | show 🗑
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| show | simplified version of a complex concept or behavior expressed in the form of an equation, graph, or illustration
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| show | way of thinking that compares the cost of an action to its benefits
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| Standard of Living | show 🗑
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| Commodity | show 🗑
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| Representative | show 🗑
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| show | Kind of money based on trust in the stability and power of the government that mints currency:
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| 1900 | show 🗑
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| Three basic questions of economics: | show 🗑
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| Inflation | show 🗑
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| Which statistic measures the total size of an economy? | show 🗑
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| show | GDP per capita
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| Which is better for comparing a countries economic growth from year to year? | show 🗑
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| What is generally considered to be a healthy level of inflation for a developed economy? | show 🗑
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| At 3% inflation prices double every... | show 🗑
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| show | There Is No Such Thing As A Free Lunch
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| Essay Question: One Paragraph (5-8 sentences) | show 🗑
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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.
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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.
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Created by:
dosselaer
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