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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.
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Question
Answer
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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