Unit 5

Question 1

certain items that are necessary to all life

Answer 1

needs

Question 2

certain items that you have the desire to own

Answer 2

wants

Question 3

is the state of being scarce or in short supply, it is normally associated with a shortage of something

Answer 3

scarcity

Question 4

are in business to make money

Answer 4

producers

Question 5

want the most out of every dollar they have

Answer 5

consumers

Question 6

the branch of knowledge concerned with the production, consumption, and transfer of weath

Answer 6

economics

Question 7

recognize the reality that in order to do one thing, other things have to be given up that would have used those resources instead

Answer 7

opportunity cost

Question 8

those who study the economy

Answer 8

economists

Question 9

involves assessing alternatives and assigning values

Answer 9

utility

Question 10

when you assign values to something

Answer 10

util

Question 11

are people affected by any decision

Answer 11

stakeholders

Question 12

in economies involve the relationship between what is produced for sale, the amount of money workers/consumers have, and the amount of spending consumers do

Answer 12

production cycles

Question 13

is earned by taking part in the production process

Answer 13

income

Question 14

money gained from land and property ownership

Answer 14

rent

Question 15

money gained from lending money

Answer 15

interests

Question 16

money gained from sharing in the profits of a business

Answer 16

dividends

Question 17

is a demonstrated preference for one choice over another

Answer 17

priority

Question 18

is a way of breaking down a decision by comparing its negatives and positives

Answer 18

cost benefit analysis

Question 19

would be whether you save money or whether you pay more for the product

Answer 19

direct consequence

Question 20

would be the impact that your choice would have on the workers, the quality, and the environment

Answer 20

indirect consequence

Question 21

a balance made between two desirable but incompatible features; a compromise

Answer 21

trade-offs

Question 22

when a project proves to be economically feasible, innovative, and sustainable in terms of investing financial resources into the project

Answer 22

economic viability

Question 23

a result or effect of an action or condition

Answer 23

consequence

Question 24

capable of working successfully; feasible

Answer 24

viable

Question 25

the activity or condition of competing

Answer 25

competition