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Flashcards in Midterm Deck (227)
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1

The study of how people seek to satisfy their needs and wants by making choices

Economics

2

Air, food, water, shelter

Need

3

Something we desire

Want

4

Actions or activities

Services

5

Physical objects

Goods

6

Knowledge and skills a worker gains through education and experience

Human capital

7

Effort that a person devoted to a task for pay

Labor

8

Producers will not or cannot offer other goods or services at the current price

Shortage

9

Limited quantities of resources to meet unlimited wants

Scarcity

10

Human-made resources that is used to produce other goods and services

Physical capital

11

All natural resources used to produce goods and services

Land

12

Land, labor, and capital

Factors of production

13

Human-made objects used to create other goods and services

Capital

14

Ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services

Entrepreneur

15

Which of the following is not considered a NEED according to your book ?

A nice car

16

WhicH of the following is a WANT a cording to your book ?

A nice car

17

Which of the following is not considered a country's resources ?

Air

18

Cost always refers to money

False

19

Economies may operate ineffectively

True

20

A production possibilities curve shows alternative ways to USA an economy's productive resources

True

21

Thinking in the margins is only about thinking how much more you can do

False

22

In your own words, define economics

Our choices and mindset alters our wants and needs

23

In your own words, define wants and needs

Wants- live without
Needs- can't live without

24

In your own words, describe trade-offs

Choosing one option over another for a different outcome

25

If there is a large supply and low demand, prices would typically

Fall

26

If there is a short supply and high demand, prices would typically

Rise

27

A shortage is always permanent

No

28

Economics is the study of

Scarcity

29

Scarcity means something is temporarily unavailable

No

30

If IBM issues a bond and you buy their bonds, you own part of the company

No