deck #2 Yuridiana Mendez

Question 1

scarcity

Answer 1

the inability to satisfy all wants at the same time .

Question 2

choice

Answer 2

selection of an item or action from a set of possible alternatives.

Question 3

price

Answer 3

amount of money exchanged for a good or service

Question 4

supply and demand

Answer 4

interaction of these two determines price

Question 5

consumption

Answer 5

using of goods and services

Question 6

resources

Answer 6

factors of production that are used in the production of goods and services

Question 7

opportunity cost

Answer 7

what is given up when a choice is made i.e the highest valued alternative is forgone

Question 8

incentives

Answer 8

things that incite or motivate

Question 9

production

Answer 9

combining of human natural capital

Question 10

chief of state

Answer 10

cemonial head of the government

Question 11

chief executive

Answer 11

head of the executive branch of government

Question 12

chief legislator

Answer 12

proposer of the legislative agenda

Question 13

commander in chief

Answer 13

head of the nations armed forces

Question 14

chief diplomat

Answer 14

architect of american foreign policy

Question 14

chief of party

Answer 14

leader of the political party that controls the executive branch

Question 15

chief citizen

Answer 15

representative of all of the people