need correct answers something essential for survival
want correct answers something that we desire but that is not necessary for survival
goods correct answers physical objects that someone produces
services correct answers actions or activities that one person performs for another
sca...
Economics Unit 1 (100% Verified)
need correct answers something essential for survival
want correct answers something that we desire but that is not necessary for survival
goods correct answers physical objects that someone produces
services correct answers actions or activities that one person performs for another
scarcity correct answers there are limited amounts of goods and services available to meet unlimited
wants
economics correct answers the study of how people seek to satisfy their needs and wants by making
choices
shortage correct answers occurs when consumers want more of a good or service than producers are
willing to make available at a particular price
entrepreneurs correct answers people who decide how to combine resources to create new goods and
services
factors of production correct answers the resources used to make all goods and services
3 factors of production correct answers land, labor, capital
land correct answers refers to all natural resources used to produce goods and services
natural resources correct answers natural wealth of a country, consisting of land, forests, mineral deposits,
water, etc.
labor correct answers the effort people devote to tasks for which they are paid
, capital correct answers refers to any human-made resource that is used to produce other goods and
services
physical capital correct answers human-made objects used to create other goods and services
capital goods correct answers another term used for physical capital
human capital correct answers knowledge and skills a worker gains through education and experience
productivity correct answers the quality, state, or fact of being able to generate, create, enhance, or bring
forth goods and services
trade-off correct answers the act of giving up one benefit in order to gain another, greater benefit
domestic correct answers of or relating to the home, the household, household affairs, or the family
"guns or butter" correct answers describes one of the common choices facing governments: choice
between spending money on military or domestic needs
opportunity cost correct answers most desirable alternative somebody gives up as the result of a decision
decision-making grid correct answers helps to determine whether you are willing to accept the
opportunity cost of a choice you are about to make
thinking at the margin correct answers when you decide how much more or less to do
cost/benefit analysis correct answers the decision-making process where decision makers have to
compare the opportunity costs and the benefits- what they will sacrifice and what they will gain
marginal cost correct answers the extra cost of adding on unit
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