Chapter 2 - Scarcity Flashcards

0
Q

scarcity is not the same as blank and is not a blank

A

poverty, shortage

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1
Q

most basic concept of economics and occurs when the ingredients for producing things that people desire are insufficient to satisfy all wants

A

scarcity

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2
Q

any activity that results in the conversion of resources into products that can be used in consumption

A

production

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3
Q

inputs that are used to produce things that people want

A

resources/factors of production

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4
Q

natural resources or the gifts of nature and is a resource

A

land

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5
Q

resource that is the human resource

A

labor

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6
Q

all manufactured resources

ex) machines themselves

A

physical capital

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7
Q

accumulated training and education of workers resource

A

human capital

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8
Q

resource of the person who organizes, manages, and assembles the other resources and is the risk taker.The person in charge of the money.

A

entrepreneurship

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9
Q

all things from which individuals derive satisfaction or happiness

A

goods

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10
Q

scarce goods, for which the quantity demanded exceeds the quantity supplied at zero price

A

economic goods

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11
Q

tasks that are performed for someone else and can be referred to as intangible goods

A

services

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12
Q

to economists, this term is not definable

A

needs

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13
Q

goods and services on which we place a positive value

A

wants

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14
Q

people have blank wants

A

unlimited

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15
Q

highest-valued, next-best alternative that must be sacrificed to obtain something or to satisfy a want

A

opportunity cost

16
Q

an example of this is coming to class and giving up sleeping or studying or doing something else

A

opportunity cost

17
Q

giving up something to do or get something else

A

trade off

18
Q

this graph represents all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality

A

production possibilities curve (PPC)

19
Q

society’s pool of applied knowledge concerning how goods and services can be produced

A

technology

20
Q

any point below the production possibilities curve at which the use of resources is not generating the maximum possible output

A

ineffecient point

21
Q

as society attempts to produce more of a good, the opportunity cost of additional units of that good generally increases

A

law of increasing additional cost

22
Q

the more blank the resources, the more blank the production possibilites curve

A

specialized, bowed

23
Q

increases the production possibilities of smart phones and tablet devices and is illustrated in an outward shift of the PPC

A

economic growth

24
Q

use of goods and services for personal satisfaction

A

consumption

25
Q

the PPC illustrates the trade off between blank and blank consumption

A

present, future

26
Q

goods produced for personal satisfaction

A

consumer goods

27
Q

goods used to produce other goods

A

capital goods

28
Q

forgo consumption goods to produce blank goods then we blank in capital goods which stimulates blank

A

capital, increase, economic growth

29
Q

putting money into capital goods is like a blank because it provides room for growth

A

investment

30
Q

organization of economic activity among different individuals and regions which leads to greater productivity

A

specialization

31
Q

ability to produce a good or service at a lower opportunity cost and is always a relative concept

A

comparative advantage

32
Q

ability to produce more units of a good or service using a given quantity of labor or resource inputs

A

absolute advantage

33
Q

segregation of resources into different specific tasks

A

division of labor

34
Q

When PPC is linear and constant then it does not illustrate the

A

law of increasing additional cost

35
Q

When PPC is bowed then it blank illustrate the law of increasing additional cost

A

does

36
Q

currency always goes on blank axis in economics

A

y