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Econ 2023 > Ch 1 - Scarcity > Flashcards

Ch 1 - Scarcity Flashcards

1
Q

A condition that results from society not having enough resources to produce all the things people want

A

Scarcity

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2
Q

The study of how people try to satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources

A

Economics

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3
Q

We have ____ resources yet ____ wants.

A

limited, unlimited

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4
Q

A basic requirement for survival, including food, clothing, and shelter.

A

A need

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5
Q

Something we would like to have but is not necessary for survival.

A

A want

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6
Q

A tangible economic product that is useful, transferable to other, and used to satisfy wants and needs.

A

A good

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7
Q

A good that lasts for at least 3 years when used regularly

A

Durable good

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8
Q

an item that wears out, is used up, or lasts for fewer than three years when used regularly

A

A nondurable good

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9
Q

a good intended for final use by consumers other than business

A

A consumer good

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10
Q

a tool, equipment, or other manufactured good used to produce other goods and services

A

a capital good

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11
Q

the work or labor performance for someone; an economic product that includes haircuts, home repairs, and forms of entertainment.

A

Service

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12
Q

the monetary worth of a good or service as determined by the market

A

value

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13
Q

the ability or capacity of a good or service to be useful and give satisfaction to someone

A

utility

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14
Q

Characteristics of Goods (4)

A

Tangibility
Scarceness
Utility
Transferability

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15
Q

the sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services

A

Wealth

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16
Q

3 Questions all societies face in regards to production

A

What to produce
How to produce
For Whom to produce

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17
Q

the monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period

A

Gross Domestic Product (GDP)

18
Q

The scope of economics (4)

A

Description
Analysis
Explanation
Prediction

19
Q

What does TINSTAFL stand for?

A

“There is no such thing as a free lunch”

20
Q

The productive resources needed to produce goods

A

Factors of Production

21
Q

What are the 4 factors of production

A

Land
Capital
Labor
Entrepreneurs

22
Q

the natural resources or “gifts of nature” not created by human effort

A

natural resources

23
Q

the tools, equipment, and factories used in the production of goods and services

A

Capital Resources

24
Q

the people with all their abilities and efforts; does not include the entrepreneur

A

Labor resources

25
Q

the risk-taking individuals who introduce new products or services in search of profits

A

Entrepreneurs

26
Q

a diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed

A

Production Possibilities Curve

27
Q

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

A

Opportunity Cost

28
Q

the alternative that must be given up when one choice is made rather than another

A

trade-off

29
Q

5 economic rights humans have

A

Right to safety
right to be informed
right to choose
right to be heard
right to redress

30
Q

a social movement that was aimed at promoting the interests of consumers

A

Consumerism

31
Q

the increase in a nations total output of goods and services over time

A

Economic growth

32
Q

the measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production

A

Productivity

33
Q

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

A

Human Capital

34
Q

the division of work into a number of separate tasks to be performed by different workers

A

Division of Labor

35
Q

the assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently

A

Specialization

36
Q

the mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation

A

Economic interdependence

37
Q

the meeting place or mechanism through which buyers and sellers of an economic product come together; may be local, regional, national, or global

A

market

38
Q

a market in which productive resources are bought and sold

A

Factor Market

39
Q

a market in which goods and services are bought and sold

A

Product Market

40
Q

comparison of the cost of an action to its benefits

A

Cost-benefit analysis

41
Q

market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention

A

Free Enterprise Economy

Econ 2023 (11 decks)

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