Economics Test

Front 1

Resources

Back 1

Anything that people use to make or obtain what they need or want.

Front 2

Macroeconomics

Back 2

Examines behaviors of entire economies.

Front 3

Scarcity

Back 3

Limited resources and unlimited wants and needs.

Front 4

Technology

Back 4

The use of technological knowledge and methods to create new products or make existing products more efficient.

Front 5

Entrepreneur

Back 5

A person who attempts to start a new business or introduce a new product.

Front 6

Producers

Back 6

People who make things to satisfy consumers needs and wants.

Front 7

Opportunity Cost

Back 7

The value of the next best alternative that is given up to obtain the preferred item.

Front 8

Capital Resources

Back 8

The manufactured materials used to create products.

Front 9

Credit

Back 9

Form of exchange. Allows consumers to use items before completing payment for the merchandise. Don't own it.

Front 10

Productivity

Back 10

The level of output that results from a given level of input.

Front 11

Microeconomics

Back 11

Study of choices made by economics actors such as households, companies, and individual markets.

Front 12

Utility

Back 12

Usefulness to a person.

Front 13

Division of Labor

Back 13

Assigning a small of tasks to each force.

Front 14

Natural Resources

Back 14

Items provided by nature that can be used to produce goods and to provide services.

Front 15

Trade- Off

Back 15

Workers replaced by machines that work faster and longer. One good is sacrificed for another.

Front 16

Money

Back 16

Any item that is readily accepted by people in return for goods and services.

Front 17

Economics

Back 17

The study of choices that people make to satisfy their needs and wants.

Front 18

Value

Back 18

Can be expressed as an amount of money or price. Goods and services assigned a value.

Front 19

Entrepreneurship

Back 19

The combination of organizational abilities and risk taking involved in starting a new business or introducing a new product.

Front 20

Barter

Back 20

People exchanging one set of goods for another. Direct trade.

Front 21

Consumers

Back 21

People who buy things.

Front 22

Exchange

Back 22

Producers and consumers agree to provide one type of item in return for another.

Front 23

Allocate

Back 23

Distributing resources in order to satisfy needs and wants.

Front 24

Capital Goods

Back 24

Buildings, structures, machinery, and tools used in the production process.

Front 25

Efficiency

Back 25

The use of the smallest amount of resources to produce the greatest amount of output.

Front 26

Human Resources

Back 26

Any human effort exerted during production.

Front 27

Production Possibilities Curve

Back 27

Shows all of the possible combinations of goods and services that can be produced within a stated time period, given two important assumptions.

Front 28

Production Possibilities Curve

Back 28

Shows all of the possible combinations of goods and services that can be produced within a stated time period, given two important assumptions.

Front 29

Consumer Goods

Back 29

The finish products, the goods and services that people buy.

Front 30

Specialization

Back 30

Workers focused on one specific activity for expertise.

Front 31

Factors of Production

Back 31

Resources that can be used to produce goods and services.

Front 32

What does scarcity force people to do?

Back 32

Scarcity forces people to make choices based on their resources.

Front 33

What are the three basic economic questions that producers face?

Back 33

What to produce?

How to produce?

For whom to produce?

Front 34

Why do producers study productivity?

Back 34

Producers study productivity to figure out how to use their resources effectively.

Front 35

How can a factory improve efficiency?

Back 35

A factory can improve efficiency by producing more products with less resources.

Front 36

What money provides and is used for?

Back 36

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 37

What money provides and is used for?

Back 37

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 38

What credit allows someone to do?

Back 38

Credit allows consumers to use items before paying for the merchandise.

Front 39

What money provides and is used for?

Back 39

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 40

What credit allows someone to do?

Back 40

Credit allows consumers to use items before paying for the merchandise.

Front 41

What determines value?

Back 41

Utility and usefulness determines value.

Front 42

What money provides and is used for?

Back 42

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 43

What credit allows someone to do?

Back 43

Credit allows consumers to use items before paying for the merchandise.

Front 44

What determines value?

Back 44

Utility and usefulness determines value.

Front 45

Why is self- sufficiency rare?

Back 45

Because their is limited resources to fulfill every one of a persons needs and wants.

Front 46

What money provides and is used for?

Back 46

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 47

What credit allows someone to do?

Back 47

Credit allows consumers to use items before paying for the merchandise.

Front 48

What determines value?

Back 48

Utility and usefulness determines value.

Front 49

Why is self- sufficiency rare?

Back 49

Because their is limited resources to fulfill every one of a persons needs and wants.

Front 50

What does interdependence encourage?

Back 50

Interdependence encourages individuals and regions to meet particular needs and wants.

Front 51

What money provides and is used for?

Back 51

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 52

What credit allows someone to do?

Back 52

Credit allows consumers to use items before paying for the merchandise.

Front 53

What determines value?

Back 53

Utility and usefulness determines value.

Front 54

Why is self- sufficiency rare?

Back 54

Because their is limited resources to fulfill every one of a persons needs and wants.

Front 55

What does interdependence encourage?

Back 55

Interdependence encourages individuals and regions to meet particular needs and wants.

Front 56

Four categories that the factors of production are broken into?

Back 56

Four categories are human resources, capital resources, natural resources, and entrepreneurship.

Front 57

What money provides and is used for?

Back 57

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 58

What credit allows someone to do?

Back 58

Credit allows consumers to use items before paying for the merchandise.

Front 59

What determines value?

Back 59

Utility and usefulness determines value.

Front 60

Why is self- sufficiency rare?

Back 60

Because their is limited resources to fulfill every one of a persons needs and wants.

Front 61

What does interdependence encourage?

Back 61

Interdependence encourages individuals and regions to meet particular needs and wants.

Front 62

Four categories that the factors of production are broken into?

Back 62

Four categories are human resources, capital resources, natural resources, and entrepreneurship.

Front 63

Why is scarcity the most basic problem of economics?

Back 63

Scarcity is the most basic problem because people cannot have everything and it forces people to make choices about allocating resources.

Front 64

What money provides and is used for?

Back 64

Money is used as a standardized item traded for goods or services, a measure of value that allows producers and consumers to determine worth, and a store of value that can be used to purchase items at a later date.

Front 65

What credit allows someone to do?

Back 65

Credit allows consumers to use items before paying for the merchandise.

Front 66

What determines value?

Back 66

Utility and usefulness determines value.

Front 67

Why is self- sufficiency rare?

Back 67

Because their is limited resources to fulfill every one of a persons needs and wants.

Front 68

What does interdependence encourage?

Back 68

Interdependence encourages individuals and regions to meet particular needs and wants.

Front 69

Four categories that the factors of production are broken into?

Back 69

Four categories are human resources, capital resources, natural resources, and entrepreneurship.

Front 70

Why is scarcity the most basic problem of economics?

Back 70

Scarcity is the most basic problem because people cannot have everything and it forces people to make choices about allocating resources.

Front 71

Deerfield River?

Back 71

Used Deerfield river for recreation and it showed how resources can be used in multiple ways.