Ch. 1 Everybody’s Economics

Question 1

The study of the choices that individuals and society make in the production distribution and consumption of goods

Answer 1

Economics

Question 2

Any system for the production distribution and consumption of goods and services

Answer 2

Economy

Question 3

Scholars of the production distribution and consumption of goods within an economy

Answer 3

Economists

Question 4

The study of national and international economies and how these major economies are affected by large scale choices and public policies

Answer 4

Macroeconomics

Question 5

the study of specific components within a major economy and how the choices made by individuals households and businesses effect that economy

Answer 5

Microeconomics

Question 6

Show the relationship among the various components of an economy

Answer 6

Economic model

Question 7

predicts future economics to help people make informed decisions about money

Answer 7

Economic forecast

Question 8

A tangible item that people want and for which they will pay

Answer 8

Good

Question 9

intangible goods produced by labor for which people expect to pay

Answer 9

Services

Question 10

The human desire to have and use a certain good

Answer 10

Want

Question 11

A mechanism that allows people to exchange goods

Answer 11

Market

Question 12

A very large number of people to whom very large quantities of products are sold

Answer 12

Mass market

Question 13

The quantity of a good for sale at a certain price under certain conditions or the amount of a good that is produced

Answer 13

Supply

Question 14

The amount of a good that is bought at a certain price under certain conditions

Answer 14

Demand

Question 15

Persons who work to provide goods

Answer 15

Producers

Question 16

People who use goods

Answer 16

Consumers

Question 17

Something it would be difficult to do without

Answer 17

Need

Question 18

A desire a longing an appetite for something

Answer 18

Want

Question 19

Anything used for the production and distribution of goods and services

Answer 19

Capital goods

Question 20

Those things produced for direct used by consumers

Answer 20

Consumer goods

Question 21

The industrial skills and scientific methods that make possible efficient production

Answer 21

Technology

Question 22

Spending more than one can afford

Answer 22

Prodigality

Question 23

The worth the consumers attach to something

Answer 23

Value