1 / 51

200

100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500. 500. 500. 500. 500. What is the desire for things that are not essential to survival called?. want.

carmenwhite
Download Presentation

200

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

  2. What is the desire for things that are not essential to survival called?

  3. want

  4. What are ambitious leaders who combine land, labor, and capital to create and market new goods and services called?

  5. entrepreneurs

  6. What are the three factors of production?

  7. land, labor,and capital

  8. What economic law states that as we shift factors of production from one good to another, the price of producing the second item increases?

  9. law of increasing cost

  10. What is deciding whether to do or use one additional unit of some resource?

  11. thinking atthe margin

  12. What is something like air, food, or shelter that is necessary for survival called?

  13. need

  14. What do you call a temporary situation in which a good or service is unavailable?

  15. shortage

  16. What are the skills and knowledge gained by a worker through education and experience called?

  17. human capital

  18. What is the line on a production possibilities graph that shows the maximum possible output?

  19. production possibilities frontier

  20. What do you call all human-made goods that are used to produce other goods and services?

  21. physical capital

  22. What's the phrase that refers to the trade-offs nations face when choosing whether to produce military or consumer goods?

  23. guns or butter

  24. What is a natural resource used to make goods and services called?

  25. land

  26. What is the term for using resources in such a way as to maximize the production of goods and services?

  27. efficiency

  28. What is the term for using fewer resources than an economy is capable of using?

  29. underutilization

  30. What is any human-made resource that is used to create other services and goods?

  31. capital

  32. What arephysical objects such as clothes or shoes?

  33. goods

  34. What is the effort that people devote to a task for which they are paid called?

  35. labor

  36. What is the alternative that we give up when we choose one option over the other?

  37. cost

  38. What is the graph that shows alternative ways to use an economy's resources?

  39. production possibilities curve

  40. What is the most desirable alternative given up as the result of a decision?

  41. opportunity cost

  42. What is the study of how people seek to satisfy their needs and wants by making choices called?

  43. economics

  44. What are actions or activities that one person performs for another?

  45. services

  46. What is another word for limited quantities of resources to meet unlimited wants?

  47. scarcity

  48. What are all the alternatives that we give up when we make a choice?

  49. trade-offs

  50. What are resources that are used to make all goods and services called?

More Related