The Economic Way Of Thinking

Front 1

a situation that exists when there are not enough resources to meet human wants

Back 1

scarcity

Front 2

desires that can be satisfied by consuming a good or service

Back 2

wants

Front 3

things such as food, clothing, and shelter that are necessary for survival

Back 3

needs

Front 4

a source of supply that can be readily drawn upon when needed

Back 4

resources

Front 5

all the natural resources on or under the ground that are used to produce goods and services

Back 5

land / natural resources

Front 6

all the human time, effort, and talent used to produce goods and services

Back 6

labor / human resources

Front 7

all the resources people make and use to produce and distribute goods and services

Back 7

capital / financial capital

Front 8

the combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses

Back 8

entrepreneurship

Front 9

the benefit or satisfaction gained from using a good or service

Back 9

utility

Front 10

for any good or service, the value of that good or service decreases as the quantity of the good increases

Back 10

diminishing marginal utility

Front 11

the value of something that is given up by choosing one alternative over another

Back 11

opportunity cost

Front 12

the alternative someone gives up when making an economic choice

Back 12

trade-off

Front 13

a graph used to illustrate the impact of scarcity on an economy

Back 13

production possibilities curve (PPC)

Front 14

physical objects, such as food, clothing, and furniture, that can be purchased

Back 14

goods

Front 15

the work that one person does fro another for payment

Back 15

service

Front 16

the study of behavior of individual players - such as individuals, families, and businesses - in an economy

Back 16

microeconomics

Front 17

the study of behavior of the economy as a whole; concerned with large-scale economic activity

Back 17

macroeconomics

Front 18

What will be produced?

Back 18

basic economic question

Front 19

How will it be produced?

Back 19

basic economic question

Front 20

For whom will it be produced?

Back 20

basic economic question