Scarcity and the factors of production

Question 1

the study of choice. how we choose to use limited resources to satisfy our unlimited wants

Answer 1

economics

Question 2

saves time and money

Answer 2

capital

Question 3

not necessary to survival

Answer 3

want

Question 4

the study of how people seek to meet their needs and wants by making choices

Answer 4

economics

Question 5

persons who perform such actions as cutting hair or teaching school

Answer 5

services

Question 6

when producers will not or cannot offer goods and services at current prices

Answer 6

shortage

Question 7

land
labor
capital
entrepreneur

Answer 7

factors of production

Question 8

when people make resources for producing other goods and services

Answer 8

capital

Question 9

water, forests, and all other natural resources used to produce goods and services

Answer 9

land

Question 10

physical

human

Answer 10

capital

Question 11

factories, machinery, and pencils

Answer 11

physical capital

Question 12

leaders who take risks to develop original ideas to start new industries

Answer 12

entrepreneurs

Question 13

what can be overcome

Answer 13

shortage

Question 14

what lasts forever

Answer 14

scarcity

Question 15

alternatives that people give up when they choose one course of action each question

Answer 15

trade offs

Question 16

who makes trade offs

Answer 16

individuals
businesses
large groups
government

Question 17

the most desirable alternative given up as the result of a decision

Answer 17

opportunity cost

Question 18

deciding whether to do or use one more or one less unit of some resource

Answer 18

thinking at the margin

Question 19

what does thinking at the margin help with

Answer 19

making decisions

Question 20

what does thinking at the margin help compare

Answer 20

options along with their benefits and costs

Question 21

in what was are trade offs and opportunity cost alike

Answer 21

people eventually make a decision that is best for them or others

Question 22

trading for something better

Answer 22

trade off

Question 23

you may have to give up an option that was also good

Answer 23

opportunity cost

Question 24

the nation has to choose between 2 options when spending

people or war

Answer 24

guns or butter

Question 25

displays the benefits of each option along with the negatives that come along with making a decision

Answer 25

thinking at the margin

Question 26

categories or specific goods or services to be compared

Answer 26

farm goods, capital goods, consumer goods

Question 27

range of choices in the combination of goods or services produced

Answer 27

plotted points

Question 28

shows combinations of the production of items

Answer 28

production possibilities frontier

Question 29

an economy working at its most efficient production levels

Answer 29

efficiency

Question 30

an economy working below its most efficient production levels

Answer 30

underutilization

Question 31

future production possibilities frontier if more land, labor, or capital resources become available

Answer 31

growth

Question 32

alternative ways to use an economy’s resources

Answer 32

production possibilities graph

Question 33

alternative we give up when choosing an option over another

Answer 33

cost

Question 34

as production switched from one item to another, more resources are needed for the second item

Answer 34

law of increasing costs

Question 35

economic concept necessitating choices and priorities in any society

Answer 35

scarcity

Question 36

economic question answered by basic social values and goals

Answer 36

standard of living

Question 37

5 economic goals

Answer 37

``` economic... efficiency freedom security and predictably growth and innovation equity ```

Question 38

four main kinds of economies

Answer 38

traditional market centrally planned/ command mixed

Question 39

an economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services

Answer 39

traditional

Question 40

an encyclopedia entry illustrating how a hunter- gatherer group collects and shares food resources

Answer 40

economic system

Question 41

when voluntary exchanges in the markets determine decisions on production and consumption

Answer 41

market

Question 42

when people earn income for supplying land, labor, capital, or entrepreneurship

Answer 42

factor payment

Question 43

people who receive disaster relief from the government after a flood are benefitting from an economic system

Answer 43

safety net

Question 44

purchase consume in charge

Answer 44

individuals and businesses

Question 45

consume goods and services

Answer 45

households

Question 46

produce

Answer 46

firms

Question 47

quality is high | prices are lower

Answer 47

competition

Question 48

motivates producer to make something

Answer 48

self interest

Question 49

founder of capitalism followed lassiez faire wrote wealth of nations invisible hand theory

Answer 49

adam smith

Question 50

in a society someone will see a need and be pulled by a product

Answer 50

invisible hand theory

Question 51

market in which households purchase the goods and services that firms produce

Answer 51

product market

Question 52

an expectation that encourages people to behave in a certain way

Answer 52

incentive

Question 53

power of consumers to decide what gets produced

Answer 53

consumer sovereignty

Question 54

market in which firms purchase the factors of production from households

Answer 54

factor market

Question 55

financial gain made in a transaction

Answer 55

profit

Question 56

concentration of productive efforts of individuals and firms on a limited number of activities

Answer 56

specialization

Question 57

an arrangement that allows for exchange among buyers and sellers

Answer 57

market

Question 58

what did they lack

Answer 58

incentive | innovation

Question 59

gov controls FOP | what how whom we need things for

Answer 59

central government

Question 60

jobs were guaranteed | lack of incentives and innovation

Answer 60

effects on agriculture and industry

Question 61

luxuries made affordable | goods were scarce and poor quality

Answer 61

effects on consumers

Question 62

democratic means should be used to distribute wealth evenly through a society

Answer 62

socialism

Question 63

centrally planned economy with all economic and political power in hands of gov

Answer 63

communism

Question 64

do not allow individuals freedom of judgement and action

Answer 64

authoritarian

Question 65

large farms leased from the state to groups of peasant farmers

Answer 65

collective

Question 66

requires a large capital investment to produce items used in other industries

Answer 66

heavy industry

Question 67

how does gov intervene in north korea’s economy

Answer 67

gov owns all property and economies output | FOP

Question 68

how is gov intervention less extreme in china’s economy

Answer 68

1/4 of all enterprise are atleast partly owned by individuals

Question 69

what country is one of the worlds freest markets | gov protects private property

Answer 69

hong kong

Question 70

determined in a free market by private decision

Answer 70

free enterprise

Question 71

why is china said to have a transition economy

Answer 71

moving from centrally planned market

Question 72

sold to an individual

Answer 72

privatize

Question 73

one end is centrally planned the other is free

Answer 73

continuum