Intro to Economics Word Scramble
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| Question | Answer |
| Good | Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs |
| Economics | social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources |
| Need | basic requirement for survival; includes food, clothing, and/or shelter |
| Scarcity | fundamental economic problem facing all societies that results from a combination of limited resources and people's virtually unlimited wants |
| Want | something we would like to have but it is not necessary for survival |
| Factors of Production | productive resources that make up the four categories of land, capital, labor, and entrepreneurship |
| Land | natural resources or "gifts of nature" not created by human effort; one of four factors of production |
| Capital | tools, equipment, and factories used in the production of goods and services; one of four factors of production |
| Labor | people with all their abilities and efforts; one of the four factors of production, does not include the entrepreneur |
| Entrepreneur | risk-taking individual in search of profits who provides the original idea for a business; one of four factors of production |
| Gross Domestic Product | dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period |
| Service | work or labor preformed for someone; economic product that includes haircuts, home repairs, forms of entertainment |
| Value | worth of a good or service as determined by the market |
| Paradox of Value | apparent contradiction between the high value of a nonessential item and the low value of an essential item |
| utility | ability or capacity of a good or service to be useful and give satisfaction to someone |
| wealth | sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services |
| Economic Growth | increase in a nation's total output of goods and services over time |
| Productivity | measure of the amount of output produced with a given amount of productive factors; normally refers to labor, but can apply to all factors or production |
| human capital | sum of peoples' skills, abilities, health, and motivation |
| Specialization | division of work into a number of separate tasks to be preformed by different workers |
| opportunity cost | the loss of the next best alternative use of money, time, or resources when one choice is made rather than another |
| economic model | simplified version of a complex concept or behavior expressed in the form of an equation, graph, or illustration |
| cost-benefit analysis | way of thinking that compares the cost of an action to its benefits |
| Standard of Living | quality of life based on ownership of necessities and luxuries that make life easier |
| Commodity | Kind of money where items of value are traded of other items of roughly the same value: |
| Representative | Kind of money where a paper note can be exchanged at a financial institution for pre-determined amount of valuable goods (i.e. gold, etc...) |
| Fiat | Kind of money based on trust in the stability and power of the government that mints currency: |
| 1900 | When did the first paper money get created in the United States? |
| Three basic questions of economics: | What is the produce? How to produce it? For whom to produce? |
| Inflation | a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency |
| Which statistic measures the total size of an economy? | GDP |
| Which measures (roughly) the average wealth of individuals in an economy? | GDP per capita |
| Which is better for comparing a countries economic growth from year to year? | Real GDP |
| What is generally considered to be a healthy level of inflation for a developed economy? | 3% |
| At 3% inflation prices double every... | 24 years |
| TINSTAAFL | There Is No Such Thing As A Free Lunch |
| Essay Question: One Paragraph (5-8 sentences) | GDP, GDP per capita, wealth, and poverty |
Created by:
dosselaer
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