econ

Question 0

there is no such thing as a free lunch

Answer 0

TINSTAFL

Question 1

what is the fundamental economic problem?

Answer 1

scarcity

Question 2

What are the 3 basic questions on how limited resources be used?

Answer 2

WHAT to produce?
HOW to produce it?
WHO to produce it to?

Question 3

what are the factors of production?

Answer 3

land, capital, labor, entrepreneurs, [production

Question 4

capital

Answer 4

the tools, equipment, machinary, and focatories used in the production of goods and services.

Question 5

labor

Answer 5

people with all their efforts, abilities, and skills

Question 6

the scope of economics the 4 main key elements to its study?

Answer 6

description (GDP), analysis, explanation, prediction

Question 7

goods, services and consumers

Answer 7

.

Question 8

consumer goods

Answer 8

is intended by final use by individuals

Question 9

capital goods

Answer 9

when manufactured goods are used to produce other goods and services

Question 10

value, utility, and wealth

Answer 10

.

Question 11

paradox of value

Answer 11

the situation were some necessities, such as water, have little monetary value, whereas some non-necessities, such as diamonds, have a much higher value

Question 12

utility

Answer 12

the capacity to be useful and provide satisfaction

Question 13

wealth

Answer 13

.

Question 14

factor markets

Answer 14

the markets were productive resources are bought and sold

Question 15

product markets

Answer 15

where producers sell their goods and services to consumers

Question 16

the circluar flow of economic activity

Answer 16

factor markets > product markets

Question 17

productivity and economic growth

Answer 17

productivity

Question 18

division of labor

Answer 18

it can improve productivity

-takes place when work is arranged so that individual wokers do fewer tasks than before

Question 19

specailization

Answer 19

improve work of productivity

-takes place when factors of production preform tasks that they can do relatively more efficiently than others

Question 20

human capital

Answer 20

the sum of skills, abilities, health, and motivation of people

Question 21

investing in the future

Answer 21

investments in human and physical capital can increase production and promote economic growth

Question 22

economic interdependence

Answer 22

that we rely on others and others rely on us to provide goods and services that we consume

Question 23

trade offs

Answer 23

alternate choices when making an economic decision

Question 24

opportunity costs

Answer 24

the cost of the next best alternative use of money ,time, or resources when one choice is made rather than another

Question 25

ideitfying possible alternatives, fully employed resources, opportunity costs, the cost of idle resources, economic growth

Answer 25

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Question 26

thinking like a economist

Answer 26

build simple models, employ cost benefit analysis, take small,incremental steps

Question 27

free enterprise system

Answer 27

one in which the consumers and privately owned businesses,rather than the government make the majority of the who, what, how decisions

Question 28

making rational choic and economics for citizenship and a better standard of living

Answer 28

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