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. | show 🗑
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| something like air, food, shelter, that is a necessary for survival. | show 🗑
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| show | want
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| show | goods
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| show | services
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| show | scarcity
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| show | shortage
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| the resources that are used to make all goods and services | show 🗑
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| all natural resources used to produce goods and services | show 🗑
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| show | labor
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| any human-made resources that are used to produce other goods and services | show 🗑
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| knowledge and skills a worker gains through education and experience | show 🗑
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| ambitious leaders who decide how to combine land. labor, and capital resources to create new goods and services | show 🗑
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| show | trade-offs
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| a country that decides to produce more military goods has fewer resources to devote to consumer goods | show 🗑
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| show | opportunity cost
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| when you decide how much more or less to do | show 🗑
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| show | production possibilities curve
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| a line drawn that shows combinations of the production of both objects | show 🗑
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| show | efficiency
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| using fewer resources that the economy is capable of using | show 🗑
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| alternative way we give up when we choose one option over another | show 🗑
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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 | show 🗑
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| a method used by society to produce and distribute goods and services | show 🗑
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| are the income people receive for supplying factors of production | show 🗑
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| is the love of one's country-the passion that inspires a person to serve his or her country | show 🗑
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| set of government programs that protect people experiencing unfavorable economic conditions | show 🗑
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| level of economic prosperity | show 🗑
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| habit, custom, ritual to decide what to produce and how to produce it | show 🗑
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| economic decisions are made by individuals and are based on exchange or trade | show 🗑
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| thee central government alone decides how to answer all three key economic questions | show 🗑
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| show | command economies
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| show | mixed economy
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| show | market
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| show | specialization
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| show | house hold
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| a business, or organization that uses resources to produce a product, which it then sells | show 🗑
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| an arena of exchange | show 🗑
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| financial gain made in transaction | show 🗑
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| the market in which households purchase the goods and services that firms produce | show 🗑
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| one's own personal gain | show 🗑
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| the hope of reward or the fear of punishment that encourages a person to behave in a certain way | show 🗑
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| the struggle among producers for the dollars of consumers | show 🗑
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| term economists use to describe the self regulating nature of the market place | show 🗑
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| show | consumer sovereignty
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| show | 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 | show 🗑
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| requiring strict obedience to an authority, such as a dictator | show 🗑
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| show | collective
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| industry that requires large capital investments and that produces items used in other industries | show 🗑
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| show | laissez faire
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| property owned by individuals or companies, not by the government or people as a whole | show 🗑
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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 | show 🗑
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| a range with no clear divisions | show 🗑
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| show | transition
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| to sell state-run firms to individuals | 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.
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.
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:
jasontharp
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