Economics Ch. 1 Quiz Flashcards
Means everyone has unlimited wants
Insatiability
The science of how and why people make the choices they do
Economics
Means that everything is finite or limited in quantity
Scarcity
Curbing insatiability and living with scarcity
Contentment
Using wisely what God has given you
Stewardship
The value people place on a good or service and is reflected in its price
Economic cost
Any tangible thing that has a measurable life span
Good
Intangible items – labor
Services
Goods and services that have a positive economic cost
Economic goods and economic services
Goods and services that a consumer pays to have removed
Nuisance goods and nuisance services
Taking nuisance goods and turning them into economic goods is done in a process
Recycling
Goods and services provided by God in nature; they have a price tag of zero
Free goods and free services
States that a thing is valuable because of the nature of the product such as it’s scarcity
The principle of intrinsic value
The satisfaction a person receives from it
Opportunity benefit of choice
The satisfaction one gives up by not choosing what was second best
Opportunity cost of a choice
