Unit 6 Review- Civics & Economics

Front 1

An object that can be bought and used to meet the needs & wants of consumers.

Back 1

good

Front 2

Says that our goods and services are limited

Back 2

scarcity

Front 3

Man-made objects that are used to make other goods and services

Back 3

physical capital

Front 4

A resource that can be naturally replenished

Back 4

renewable resource

Front 5

A fixed income paid on a monthly basis.

Back 5

salary

Front 6

An alternative that we sacrifice when we make a decision.

Back 6

trade-off

Front 7

The thing that we lose out on when we make a decision.

Back 7

opportunity cost

Front 8

That which is necessary for survival.

Back 8

need

Front 9

Natural resources used to make goods and services

Back 9

land

Front 10

The person who combines land, labor, and capital to make a good.

Back 10

Entrepreneur

Front 11

A person who works on an assembly line describes this factor of production.

Back 11

labor

Front 12

The degree to which resources are being used efficiently.

Back 12

productivity

Front 13

Knowledge and skill gained on the job that is used to make goods and services.

Back 13

human capital

Front 14

A reward that is offered to persuade people to take certain economic actions.

Back 14

incentive

Front 15

A person who buys goods and services.

Back 15

consumer

Front 16

Using fewer resources than an economy is capable of using

Back 16

underutilization

Front 17

A cost that remains the same no matter how many goods are produced

Back 17

fixed cost

Front 18

the payment for the service of one unit of labor

Back 18

wage

Front 19

fixed costs plus variable costs

Back 19

total cost

Front 20

A person who makes goods and services

Back 20

producer

Front 21

The extra cost of producing one more unit of a good

Back 21

marginal cost

Front 22

Actions one person performs for another

Back 22

services

Front 23

improving a good or service

Back 23

innovation

Front 24

the amount of money left over after all the costs of production have been paid

Back 24

profit

Front 25

an economic system in which private citizens own and use the factors of production in order to seek a profit

Back 25

capitalism

Front 26

machines control production

Back 26

automation

Front 27

the breaking down of a job into smaller, separate tasks which are performed by different workers

Back 27

division of labor

Front 28

father of economics

Back 28

Adam Smith

Front 29

takes place when people/businesses/regions/countries concentrate on goods that they can produce better than anyone else

Back 29

specialization

Front 30

a level of production in which the marginal product of labor decreases as the number of workers increases

Back 30

law of diminishing marginal returns

Front 31

machines perform physical tasks

Back 31

robotics

Front 32

working class employee who performs manual or unskilled labor

Back 32

blue collar

Front 33

perform taks that require less physical labor/skilled workers

Back 33

white collar

Front 34

the struggle between buyers and sellers to get the best products at the lowest prices, keeps cost of production low and quality high

Back 34

competition

Front 35

any human made resource that is used to produce other goods and services

Back 35

capital

Front 36

costs or expenses that change with the number of products produced

Back 36

variable costs

Front 37

3 basic economic questions

Back 37

what to produce, how to produce, for whom to produce