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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| show | economics
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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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| physical objects such as shoes and shirts | show 🗑
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| actions or activities that one person performs for another | show 🗑
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| implies limited quantities of resources to meet unlimited wants | show 🗑
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| show | shortage
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| show | factor of production
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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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| show | human capital
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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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| all the alternatives that we give up whenever we choose one course of action over another | show 🗑
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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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| the most desirable alternative given up as the result of a decision | show 🗑
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| show | thinking at the margin
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| show | production possibilities curve
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| show | production possibilities frontier
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| using resources in such ways to maximize the production or output of any goods and services | show 🗑
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| show | under-utilization
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| alternative way we give up when we choose one option over another | show 🗑
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| show | law of increasing costs
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| a method used by society to produce and distribute goods and services | show 🗑
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| show | 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 | show 🗑
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| set of government programs that protect people experiencing unfavorable economic conditions | show 🗑
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| show | standard of living
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| habit, custom, ritual to decide what to produce and how to produce it | show 🗑
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| show | market economy
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| show | centrally planned economy
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| sometimes known as centrally planned economies, because the central authority in is command of the economy | show 🗑
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| marked-based economic systems in which government plays a limited role | show 🗑
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| show | market
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| show | specialization
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| a person or group of people living in the same residence | show 🗑
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| a business, or organization that uses resources to produce a product, which it then sells | show 🗑
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| show | factor market
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| show | profit
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| show | product market
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| show | 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 | show 🗑
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| show | competition
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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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| a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society | show 🗑
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| show | communism
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| requiring strict obedience to an authority, such as a dictator | show 🗑
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| large farm leased from the state to groups of peasant farmers | show 🗑
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| show | heavy industry
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| the doctrine that states that government generally should not intervene in the marketplace | show 🗑
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| show | 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 | show 🗑
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| show | continuum
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| show | transition
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| show | privatize
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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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