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32 Cards in this Set
- Front
- Back
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A thing that we desire to have.
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Want
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Anything that is used to produce goods or services.
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Resource
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The condition in which our wants are greater than the resources available to satisfy those wants.
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Scarcity
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Scarcity means that we have to make __________?
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Choices
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When we make choices, we incur __________________?
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Opportunity Costs
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The most highly valued opportunity or alternative forfeited when a choice is made is called ______________?
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Opportunity Cost
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The situation in which more of one thing necessarily means less of something else.
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Trade-Off
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A curve on a chart that shows all possible combinations of two goods that an economy can produce in a certain period of time.
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Production Possibilities Frontier
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What are two consequences of scarcity?
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1.Rationing Devices
2.Competition |
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A means of deciding who gets what portion of the available resources and goods.
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Rationing Device
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The science that studies the choices of people trying to satisfy their wants in a world of scarcity.
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Economics
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In economics, this term means additional.
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Marginal
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Something that encourages or motivates a person to take action.
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Incentive
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What are the two branches that economics are divided into?
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1.Microeconomics
2.Macroeconomics |
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The branch of economics that deals with human behavior and choices made by small units such as an individual, a business firm, or a single market.
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Microeconomics
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The branch of economics that deals with human behavior and choices as they relate to the entire economy.
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Macroeconomics
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Something that is able to be felt by touch.
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Tangible
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Not able to be felt by touch.
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Intangible
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Anything that satisfies a person's wants or brings satisfaction; also, tangible products.
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Goods
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The quality of bringing satisfaction or happiness.
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Utility
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The quality of bringing dissatisfaction or unhappiness.
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Disutility
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Tasks that people pay others to perform for them.
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Services
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All the natural resources found in nature such as land, mineral deposits and water.
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Land
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The physical and mental talents that people contribute to the production of goods and services.
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Labor
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Produced goods that can be used as resources for further production such as factories, machines, and tools.
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Capital or Capital Goods
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The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
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Entrepreneurship
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What are the four factors of production?
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1.Land
2.Labor 3.Capital 4.Entrepreneurship |
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Who is referred to as the "Father of Modern Economics?"
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Adam Smith
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What are the three types of incentives?
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1.Economic Incentives
2.Social Incentives 3.Moral Incentives |
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What are the six types of rationing devices covered in class?
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1. Price
2. Political favor (clout) 3. Celebrity status 4. 1st come, 1st served 5. Physical appearance 6. Brute force |
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What is a renewable resource?
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A resource that can be drawn on indefinitely if it is replaced. (timber)
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What is a non-renewable resource?
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A resource that cannot be replenished. (fossil fuels such as oil and coal)
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