Terms

Question 1

Economics

Answer 1

the study of how nations make decisions about distributing limited resources to satisfy the unlimited wants and needs of its citizens

Question 2

Scarcity

Answer 2

universal, unsolvable problem
unlimited wants & needs + limited resources = scarcity

Question 3

Alternatives

Answer 3

list of options or possibilities

Question 4

Choice

Answer 4

option you pick because you CAN’T have everything so a decision is necessary

Question 5

Trade Off (verb)

Answer 5

the act of getting something but giving up something else
“I chose ______ and gave up ___”.

Question 6

Opportinity Cost (noun)

Answer 6

the value of the runner-up, your second choice (next best)
not money!

Question 7

Allocate

Answer 7

to distribute or give away

Question 8

Scare

Answer 8

limited, root word of scarcity

Question 9

Needs

Answer 9

things required for survival

Question 10

Wants

Answer 10

luxuries not required for survival

Question 11

Factors of Production

Answer 11

Limited Resources - these things are scare:
Land, Labor, Capital, and Entrepreneurship

Question 12

FOP: land

Answer 12

limited resources, space/area, in its natural state (ex: apple)

Question 13

FOP: labor

Answer 13

job titles, people doing work (ex: farmer picking apple)

Question 14

FOP: capital

Answer 14

something used for production, any thing that helps increase production, building, tools (ex: apple pie)

Question 15

FOP: entrepreneaurship

Answer 15

someone that created, leaders that decide how to combine land, labor, and capital to make something new (ex: a new applesauce product and business)