Nurseeve

Scarcity - the limited nature of society's resources Economics - the study of how society manages its scarce resources

ways to compute GDP Expenditure Approach -Add the amount of money spent by buyers of final goods and services -avoid double counting -do not count intermediate goods

Principle 1 - People face trade offs -Trade-offs are losing one quality or aspect of something in return for gaining another aspect or quality (slideshow, slide 10) Principle 2 - The cost of something is what you give up to get it -Based on the idea that nothing is free -People make decisions based on cost and benefit

division of labor - the way in which the work required to produce a good or service is divided into tasks performed by different workers economics - the study of how humans make choices under conditions of scarcity

the limited nature of society's resources - the study of how society manages its scarce resources - the property of society getting the most it can from its scarce resources

Scarcity - The condition that arises because wants exceed the ability of resources to satisfy them. Economics - The social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity, the incentives that influence those choices, and the arrangements that coordinate them.

capitalism - Economic system in which private citizens own and use the factors of production in order to generate profits. command economy - Economic system characterized by a central authority that makes most of the major economic decisions.

Which of the following situations would lead to more starvation? A) a world where everyone grows his or her own food and there is no trade B) a world with trade and lots of specialization C) a world with immense division of knowledge D) a world where only some people specialize in food and everyone else produces something else -

CNA WRITTEN TEST QUESTIONS AND 100% CORRECT ANSWERS. The proper medical abbreviation for before meals is a.c. - The proper medical abbreviation for before meals is The proper medical term for high blood pressure is hypertension - The proper medical term for high blood pressure is . A mechanical soft diet is easy to chew, swallow, and digest. - A patient who has difficulty chewing or swallowing will need what type of diet? Helping her locate her room on her own would make Ms. Lee feel ...

Psychology - the scientific study of behavior and mental processes Wilhelm Wundt - structuralism; in 1879 founded first psychology laboratory in world at University of Leipzig; introspection, basic units of experience Edward Titchener - Student of Wilhelm Wundt; founder of Structuralist school of psychology. William James - founder of functionalism; studied how humans use perception to function in our environment Structuralism - An early school of psychology that used introspection t...