Econ Ch. 1/2
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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the study of how people seek satisfaction of their needs and wants by making choices. | economics
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something like air, food, shelter, that is a necessary for survival. | need
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an item that we desire but that is not essential to survival. | want
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physical objects such as shoes and shirts | goods
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actions or activities that one person performs for another | services
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implies limited quantities of resources to meet unlimited wants | scarcity
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when producers will not or cannot offer goods and services at current prices | shortage
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the resources that are used to make all goods and services | factor of production
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all natural resources used to produce goods and services | land
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the effort that a person devotes to a task for pay | labor
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any human-made resources that are used to produce other goods and services | capital;physical capital
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knowledge and skills a worker gains through education and experience | human capital
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ambitious leaders who decide how to combine land. labor, and capital resources to create new goods and services | entrepreneurs
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all the alternatives that we give up whenever we choose one course of action over another | trade-offs
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a country that decides to produce more military goods has fewer resources to devote to consumer goods | guns and butter
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the most desirable alternative given up as the result of a decision | opportunity cost
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when you decide how much more or less to do | thinking at the margin
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a graph that shows alternative ways to use an economy's resources | production possibilities curve
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a line drawn that shows combinations of the production of both objects | production possibilities frontier
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using resources in such ways to maximize the production or output of any goods and services | efficiency
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using fewer resources that the economy is capable of using | under-utilization
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alternative way we give up when we choose one option over another | cost
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as production switches from one item to another , more and more resources are necessary to increase production of the second item | law of increasing costs
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a method used by society to produce and distribute goods and services | economic system
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are the income people receive for supplying factors of production | factor payments
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is the love of one's country-the passion that inspires a person to serve his or her country | patriotism
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set of government programs that protect people experiencing unfavorable economic conditions | safety net
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level of economic prosperity | standard of living
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habit, custom, ritual to decide what to produce and how to produce it | traditional economy
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economic decisions are made by individuals and are based on exchange or trade | market economy
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thee central government alone decides how to answer all three key economic questions | centrally planned economy
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sometimes known as centrally planned economies, because the central authority in is command of the economy | command economies
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marked-based economic systems in which government plays a limited role | mixed economy
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an arrangement that allows buyers and sellers to exchange things | market
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the concentration of the productive efforts of individuals and firms on a limited number of activities | specialization
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a person or group of people living in the same residence | house hold
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a business, or organization that uses resources to produce a product, which it then sells | firm
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an arena of exchange | factor market
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financial gain made in transaction | profit
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the market in which households purchase the goods and services that firms produce | product market
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one's own personal gain | self-interest
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the hope of reward or the fear of punishment that encourages a person to behave in a certain way | incentive
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the struggle among producers for the dollars of consumers | competition
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term economists use to describe the self regulating nature of the market place | invisible hand
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the power of consumers to decide what gets produced | consumer sovereignty
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a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society | socialism
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a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government | communism
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requiring strict obedience to an authority, such as a dictator | authoritarian
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large farm leased from the state to groups of peasant farmers | collective
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industry that requires large capital investments and that produces items used in other industries | heavy industry
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the doctrine that states that government generally should not intervene in the marketplace | laissez faire
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property owned by individuals or companies, not by the government or people as a whole | private property
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an economic system characterized by private or corporate ownership of capital goods, investments that are determined by private decision rather than by state control; and determined in a free market | free enterprise
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a range with no clear divisions | continuum
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period of change in which an economy moves away from a centrally planned economy toward a market-based system | transition
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to sell state-run firms to individuals | privatize
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