1st Semester Final - Terms

Question 1

Deciding whether to do or use one additional unit or resource.

Answer 1

Thinking at the Margin

Question 2

A phrase that refers to what nations face.

Answer 2

Guns or Butter

Question 3

Ambitious leader who creates new goods and services.

Answer 3

Entrepreneur

Question 4

All human made goods that are used to create other goods.

Answer 4

Physical Capital

Question 5

Effort that people devote to a task.

Answer 5

Labor

Question 6

Physical objects such as goods or phones.

Answer 6

Goods

Question 7

An item that we desire but it’s not essential to live.

Answer 7

Want

Question 8

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

Answer 8

Economics

Question 9

Everything that is finite or limited to quantity

Answer 9

Scarcity

Question 10

Uses wisely and well of what God has given

Answer 10

Stewardship

Question 11

To determine the nature of the product.

Answer 11

Intrinsic Value

Question 12

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

Answer 12

Tabular Model

Question 13

Contains horizontal and vertical axis that can used for many purposes.

Answer 13

Line Graph

Question 14

This provides a complete visual explanation of how a complete national economic system functions.

Answer 14

Circular Flow Model

Question 15

Land, labor, capital, and entrepreneurship

Answer 15

Factors of Production

Question 16

The payment made on borrowed money.

Answer 16

Interest

Question 17

When a government spending exceeds when it receives in taxes

Answer 17

Budget Deficit

Question 18

Difference between revenues receive and costs that go in production.

Answer 18

Profit

Question 19

All payments for labor

Answer 19

Wages

Question 20

The activity of reacting new and useful services

Answer 20

Consumption Expenditures

Question 21

Household’s spending on goods and services

Answer 21

Principle of Diminishing Marginal Utility

Question 22

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

Answer 22

Demand

Question 23

Goods that experience an increase in demand because of an increase of consumer’s incomes.

Answer 23

Normal Goods

Question 24

Goods that households may use in place of others.

Answer 24

Substitute Goods

Question 25

Goods that are usually purchased that are used together.

Answer 25

Complementary Goods

Question 26

Items that see in decline in sales as consumers incomes increases.

Answer 26

Inferior Goods

Question 27

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

Answer 27

Change in Demand

Question 28

When the government dictates that the prices may not rise any higher.

Answer 28

Price Ceiling

Question 29

A barrier that prevents prices falling below the market price.

Answer 29

Price Floor

Question 30

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

Answer 30

Market Equilibrium Price

Question 31

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

Answer 31

Increase in Supply

Question 32

Supply fluctuation up or down

Answer 32

Changes in Supply

Question 33

A graph that shows alternative ways to use the economy’s resources

Answer 33

Production Possibility Curve