Terms

Question 1

Deciding wether to do or use one addition unit of resource

Answer 1

Thinking at the margin

Question 2

A phrase that refers to the trade offs that nations face.

Answer 2

Guns or butter

Question 3

An ambitious leader who creates new goods or services.

Answer 3

Entrepreneur

Question 4

All human made goods that are used to make others goods.

Answer 4

Physical capital

Question 5

The effort that people devote to a task.

Answer 5

Labor

Question 6

Physical objects such as food or phones.

Answer 6

Goods

Question 7

An Item that we desire, but is not essential to live.

Answer 7

Want

Question 8

The common sense science of how and why people, businesses, and governments, make the choices they do.

Answer 8

Economics

Question 9

Everything that is finite or limited in quanity

Answer 9

Scarcity

Question 10

Using wisely and well what God has given

Answer 10

Stewardship

Question 11

A tangible physical thing that has a measurable lifespan.

Answer 11

Good

Question 12

Determined due to the nature of this product.

Answer 12

Intrinsic value

Question 13

Also known as a schedule, and a popular method of explaining simple relationships between pairs.

Answer 13

Tabular model

Question 14

In its basic form contains a horizontal and vertical axis

Answer 14

Line graph

Question 15

This provides a complete visual explanation of how a complete economical system functions

Answer 15

Circular flow model

Question 16

Land, labor, capital, and entrepreneurship.

Answer 16

Factors of production

Question 17

The payment made on borrowed money

Answer 17

Interest

Question 18

When government spending exceeds what is receives in taxes

Answer 18

Budget deficit

Question 19

The difference between revenues received and costs that go into production

Answer 19

Profit

Question 20

All payments for labor

Answer 20

Wages

Question 21

The activity of creating useful goods and services

Answer 21

Consumption expenditures

Question 22

Household spending on goods and services

Answer 22

Principal of diminishing marginal utility

Question 23

Or graph that shows an alternative way to use an economies resources

Answer 23

Production possibilities curve

Question 24

The willingness of consumers to purchase a product, and the actual act of purchasing it.

Answer 24

Demands

Question 25

Goods that experience an increase in demand because of an increase in consumer income

Answer 25

Normal goods

Question 26

Goods that are used in households in replace of others

Answer 26

Substitute goods

Question 27

Goods that are usually purchased or used together.

Answer 27

Complementary goods

Question 28

Items grant see a decline in sales as consumer income decreases.

Answer 28

Inferior goods

Question 29

When a demand curve shifts to the left or to the right.

Answer 29

Change in demands

Question 30

When government dictates that prices may not rise any higher

Answer 30

Price ceilings

Question 31

A barrier that prevents a price from falling below the market price.

Answer 31

Price floor

Question 32

The price at which consumers are willing to take from the market, the exact quantity of a product that suppliers will put in the market.

Answer 32

Market equilibrium price

Question 33

The willingness of businesses to produce more of their product at any given price.

Answer 33

Increase in supply

Question 34

Supply fluctuations up or down.

Answer 34

Changes in supply