Economics- Chapter 1 Word Scramble
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Question | Answer |
how people seek to satisfy their needs and wants | Economics |
best combination of costs and benefits | Economize |
a benefit offered to envourage people to act a certain way | Incentive |
the way society uses resources to satisfy people's wants | Economic systems |
give up something you value for something you want | Voluntary Trade |
lack of enough resources to satisfy everyone | Scaracity |
a situation in which a good or service is unavailable | shortage |
natural resources that are used to make goods and services | land |
the effort that people devote to a task for which they are paid | labor |
any human-made resource that is used to create other goods and services | capital |
all human-made goods that are used to produce other goods and services, tools and buildings | Physical Capital |
the skills and knowledge gained by a worker through education and experience | Human Capital |
ambitious leader who combines land, labor, and capital to create and market new goods and services | Entrepreneur |
an alternative that we sacrifice when we make a decision | Trade-Off |
a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods | Guns or Butter |
the most desirable alternative given up as the result of a decision | Opportunity Cost |
deciding whether to do or use one additional unit of some resource | Thinking at the Margin |
a graph that shows alternative ways to use an economy's resource | Production Possibilities Curve |
the line on the PPC that shows the max possible output | Production Possibilities Frontier |
using resources in such a way as to maximize the production of goods and services | Efficiency |
using fewer resources than an economy is capable of using | Under utilization |
to an economist, the alternative that is given up because of a decision | Cost |
law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases | Law of Increasing Costs |
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