Intro to Economics and FoP

Question 1

economics

Answer 1

study of the choices and decisions made by individuals, governments, and businesses about how to allocate scarce resources in order to satisfy unlimited wants and needs

Question 2

need

Answer 2

good/service that consumers consider necessary to maintain a standard of living - finite

Question 3

wants

Answer 3

goods/ service that is desired in order to provide satisfaction to the user, but which is not necessary for survival or to meet the basic standard of living - unlimited list

Question 4

goods

Answer 4

tangible items that satisfy wants - they can be seen and touched

Question 5

services

Answer 5

intangible activity that satisfies needs and wants - doesn’t result in ownership

Question 6

opportunity cost

Answer 6

each choice made something is given up or foregone - this is the opportunity cost of the decision

Question 7

factors of production

Answer 7

CELL (capital, enterprise, land, labour)

Question 8

land

Answer 8

natural resources, vegetables

Question 9

labour

Answer 9

human resource, cook, baker, farmer

Question 10

capital

Answer 10

machinery resources and tools, fryer, freezer, processor,