Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
_ is the study od how people seek to satisfy their needs and wants by making choices
|
Economics
|
|
|
People, Bussinesses and governments must make chouces becuase all resources are:
|
scarce
|
|
|
___ means limited quanities of resources to meet unlimited needs or desires.
|
Scarcity
|
|
|
Economists call the resources that are used to make all goods and services the
|
factors of production
|
|
|
the three factors of production are
|
land labor capital (LLC)
|
|
|
Entreperneurs are leaders who combine the _____ to create new goods and services.
|
three factors of production
|
|
|
Every decision involves
|
trade-offs
|
|
|
__________are all the alternatives taht we give u when we choose one course of action over another
|
Trade=offs
|
|
|
The most desireable trade-off is
|
opportunity cost
|
|
|
If a decision involves choosing one or more unit of an input, economists say that we are
|
thinking at a margin
|
|
|
Employers think at the margin to decide how many:
|
workers to hire.
|
|
|
Economists draw curves or graphs in order to help them analyze the ___________ people make
|
choices and trade-offs
|
|
|
A ___________- shoes the alternative ways in which a economys resources can be used
|
A production Possiblity curve
|
|
|
The _____________ is the line or curve on a graph that represents the max. amont that an econmy can produce
|
production possiblitites frontier.
|
|
|
points UNDER the frontier reflect______- of resources
|
underutilization
|
|
|
If the amount of LLC increases the entire curve can shift to the
|
RIGHT.
|
|
|
The ______________ states that as production shifts from one item to a second item more and more resources are necessary to increase the production of the second item.
|
LAW of increasing costs.
|
