Ch. 1-What is Econ? Word Scramble
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| Question | Answer |
| Economics is the science that studies _____ in a world of scarcity. | how people make choices (or how people satisfy their unlimited wants) |
| _________ is the most highly valued alternative forfeited when a choice is made. | Opportunity cost |
| _____________ is the branch of economics that deals with human behavior and choices as they relate to the entire economy. | Macroeconomics (National economics) |
| _______ is the condition in which our wants are greater than the resources available to satisfy all those wants. (limited resources & unlimited wants) | Scarcity |
| All the natural resources found in nature, such as mineral deposits, water, forests, and animals are ______________ . | land |
| Labor earns _________________ | wages |
| Entrepreneurship earns __________________ | profits |
| Economics is about making _____________. | choices |
| A __________________ resource can be drawn on indefinitely if used wisely. | renewable |
| You should ignore ___________ cost in making economic choices because they are costs that cannot be recovered. | sunk |
| In economics, there is no such thing as a __________ lunch. | free |
| An example of a _______________ (good or service) would be teaching. | service |
| ________________ includes all human creations used to produce goods and services. | Capital goods |
| Oil, coal, and copper are examples of _________________ resources. | exhaustible land |
| An ___________________ is a person who develops a new product or process, seeks profit, and assumes the risk of profit or loss. | entrepreneur |
| Human (Labor), natural (land) , capital (tools), and entrepreneurship are called ___________________. | factors of production (also called inputs and productive resources) |
| The physical and mental effort you are using to study for this test is called ______________. | labor |
| The assumption of rational _____________________ means that people will generally make the best choice for themselves. | self-interest |
| The statement that "Mr. Frost is a good teacher" is an example of __________________ analysis. | normative |
| The statement "Mr. Frost is a teacher" is an example of __________________ analysis. | positive |
| ____________________ focuses on the economic behavior of individuals or individual markets, but not on the economy as a whole. | Microeconomics |
| An example of a ______________ (good or service) would be a loaf of bread. | good |
| The four main factors of production are ______, ________, ____________ and ___________ | land, labor, capital, and entrepreneurship |
| ____________ are the means by which buyers and sellers carry out exchange. | Markets |
| _______________ analysis is a statement of opinion and states what "should be." | Normative |
| _________________ analysis is a statement that can be supported by facts and states "what is." | Positive |
| In ___________________ we might study the unemployment rate of timber workers where in _________________ we would study the unemployment rate for all workers in the economy. | microeconomics; macroeconomics |
| Steve Jobs starting Apple would be an example of which factor of production? | entrepreneurship |
| A tree would be an example of what type of factor of production? | land (natural resources) |
| The hammer used by a carpenter to make a door frame would be an example of what type of factor of production? | capital |
| A teacher would be an example of what type of factor of production? | labor (human resource) |
| T or F: Productive resources and inputs are two other names for factors of production. | True |
| Labor earns ____________ , land earns ____________ , capital earns ________________ , while entrepreneurship earns ____________________. | wage; rent; interest; profits |
Created by:
teacherdavidfrost
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