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Study sets matching "economics chapter 1"

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Study sets matching "economics chapter 1"

21 terms
Economics Vocabulary - Chapter 1
Need
Want
Economics
Scarcity
Something that you have to have to survive... Examples: Food, sh…
An item you desire but you do not have to have for survival... E…
How People satisfy their needs and wants by making choices
Limited amounts of resources to meet unlimited desires
Need
Something that you have to have to survive... Examples: Food, sh…
Want
An item you desire but you do not have to have for survival... E…
21 terms
Economics Chapter 1
Economics
Need
Want
Goods
The study of how people make choices
Something that is required for basic survival
Something that is desired but not required
Anything that can be physically touched
Economics
The study of how people make choices
Need
Something that is required for basic survival
31 terms
Chapter 1 Economics
Economics
Need
Want
Scarcity
the study of how people and countries make decisions about ho…
something a person cannot live without (food, water, shelter,…
something a person would like to have that is not necessary f…
the state of having a limited number of resources to produce…
Economics
the study of how people and countries make decisions about ho…
Need
something a person cannot live without (food, water, shelter,…
21 terms
Economics Chapter 1
Economics
Need
Want
Goods
The study of how people make choices
Something that is required for basic survival
Something that is desired but not required
Anything that can be physically touched
Economics
The study of how people make choices
Need
Something that is required for basic survival
15 terms
Chapter 1 Economics
Economics
Scarcity
Shortage
Capital
The study of how people seek to satisfy their needs and wants…
A limited quantity of resources to meet unlimited wants
When producers will not or cannot offer goods or services at…
Human made resources that are used to produce other goods and…
Economics
The study of how people seek to satisfy their needs and wants…
Scarcity
A limited quantity of resources to meet unlimited wants
IB Economics - Foundations of Economics - Chapter 1
Resources are limited
Resources
Factors of production
Scarcity
Why is it impossible for societies and the people within them…
inputs used to produced goods and services wanted by people.
Land, human labour, capital and entrepreneurial skills/enterp…
This is the situation in which available resources, or factor…
Resources are limited
Why is it impossible for societies and the people within them…
Resources
inputs used to produced goods and services wanted by people.
31 terms
Chapter 1 Economics
Economics
Need
Want
Scarcity
the study of how people and countries make decisions about ho…
something a person cannot live without (food, water, shelter,…
How a need is expressed.
the state of having a limited number of resources to produce…
Economics
the study of how people and countries make decisions about ho…
Need
something a person cannot live without (food, water, shelter,…
22 terms
Economics Vocabulary - Chapter 1
Need
Want
Economics
Scarcity
Something that you have to have to survive... Examples: Food, sh…
An item you desire but you do not have to have for survival... E…
The study of how People satisfy their needs and wants by maki…
results from the combination of limited resources and unlimit…
Need
Something that you have to have to survive... Examples: Food, sh…
Want
An item you desire but you do not have to have for survival... E…
96 terms
Economics- Chapter 1-2
Economics
Microeconomics
Macroeconomics
Scarcity
The study of how people meet their needs and wants by making…
The study of economic behavior and decisions of small units,…
The study of the behavior and decision making of entire econo…
Exists because of unlimited wants and needs and limited resou…
Economics
The study of how people meet their needs and wants by making…
Microeconomics
The study of economic behavior and decisions of small units,…
35 terms
Economics Chapter 1
scarcity
economics
need
want
fundamental economic problem resulting from scarce resources…
study of how people satisfy unlimited wants with the careful…
basic requirement for survival (i.e. food, clothing, shelter)
a way of expressing a need (example: food is a "need", pizza…
scarcity
fundamental economic problem resulting from scarce resources…
economics
study of how people satisfy unlimited wants with the careful…
21 terms
Economics - Chapter 1 Vocabulary
labor
economics
opportunity cost
trade-off
people with all their efforts, abilities, and skills
study of how people try to satisfy their needs through the ca…
cost of the next-best alternative use of money, time, or reso…
alternative choices made by consumers in the markplace
labor
people with all their efforts, abilities, and skills
economics
study of how people try to satisfy their needs through the ca…
30 terms
Chapter 1 Vocabulary Economics
Economics
Economist
Microeconomics
Macroeconomics
The study of how people make choices to satisfy their needs a…
person who studies the production, distribution, and consumpt…
Study of the choices made by economic actors such as individu…
examining the behavior of entire economies
Economics
The study of how people make choices to satisfy their needs a…
Economist
person who studies the production, distribution, and consumpt…
16 terms
economics chapter 1
opportunity cost
intangible products
macroeconomics
normative economics
regret associated with opinions not chosen
services
study of large-scale economic events
What type of economics implies,"feeding the poor should be ou…
opportunity cost
regret associated with opinions not chosen
intangible products
services
16 terms
Economics: Chapter 1
scarcity
productive resources
economics
human resources
condition facing all societies because there are not enough p…
inputs used to produce the goods and services that people want
the study of how people use their scarce resources to satisfy…
the broad category of human efforts, both physical and mental…
scarcity
condition facing all societies because there are not enough p…
productive resources
inputs used to produce the goods and services that people want
17 terms
Economics Chapter 1
economics
wants
needs
services
the study of how individuals, families, businesses and societ…
are things individuals wish they could have
are things individuals we must have to survive
are activities done for you for a fee
economics
the study of how individuals, families, businesses and societ…
wants
are things individuals wish they could have
Economics Chapter 1
Economics
Microeconomics
Macroeconomics
Scarcity
The study of choices people make to satisfy their needs and w…
The study of small economic units. Ex.: individuals, firms
The study of the large economy as a whole. Ex.: unemployment,…
Unlimited wants but limited resources--all resources are scar…
Economics
The study of choices people make to satisfy their needs and w…
Microeconomics
The study of small economic units. Ex.: individuals, firms
35 terms
Economics Chapter 1
wants
needs
scarcity
economics
desires that can be satisfied by consuming a good or service
things such as food, clothing, and shelter, that are necessar…
situation that exists when there are not enough resources to…
the study of how people choose to use scarce resources to sat…
wants
desires that can be satisfied by consuming a good or service
needs
things such as food, clothing, and shelter, that are necessar…
12 terms
Economics - Chapter 1
Economics
Goods
Services
Scarcity
The study of how people seek to satisfy their needs and wants…
Man made items
Actions or activities that one person performs for another
Limited quantities of resources to meet unlimited wants
Economics
The study of how people seek to satisfy their needs and wants…
Goods
Man made items
35 terms
Economics Chapter 1
scarcity
economics
need
want
fundamental economic problem of meeting people's virtually un…
social science dealing with how people satisfy seemingly unli…
basic requirement for survival, including food, clothing, and…
something we would like to have but is not necessary for surv…
scarcity
fundamental economic problem of meeting people's virtually un…
economics
social science dealing with how people satisfy seemingly unli…
24 terms
Chapter 1 What is Economics (Economics)
Need
Want
Economics
Goods
Something like air, food, or shelter that is necessary for su…
An item that we desire but that is not essential to survival.
The study of how people seek to satisfy their needs and wants…
Physical objects such as cloths or shoes.
Need
Something like air, food, or shelter that is necessary for su…
Want
An item that we desire but that is not essential to survival.
26 terms
Economics - Chapter 1 Vocabulary
labor
economics
opportunity cost
trade-off
people with all their efforts, abilities, and skills
study of how people try to satisfy their needs through the ca…
cost of the next-best alternative use of money, time, or reso…
alternative choices made by consumers in the markplace
labor
people with all their efforts, abilities, and skills
economics
study of how people try to satisfy their needs through the ca…
14 terms
Chapter 1 Economics Terms
Entrepreneur
Opportunity Cost
Tradeoff
Physical capital
A person who organizes, manages, and takes on the risks of a…
Cost of the next best alternative use of money, time, or reso…
Process of giving up something for gaining something else
A good that is used to make other goods or services
Entrepreneur
A person who organizes, manages, and takes on the risks of a…
Opportunity Cost
Cost of the next best alternative use of money, time, or reso…
29 terms
Economics Chapter 1
Microeconomics
Macroeconomics
Consumers
Producers
The study of how individuals (people) make financial (economi…
The study of the economy of an entire nation... Example: Studyin…
People that buy things
People or a business that make a finished product
Microeconomics
The study of how individuals (people) make financial (economi…
Macroeconomics
The study of the economy of an entire nation... Example: Studyin…
17 terms
Economics Chapter 1 Vocab
Resource
Labor
Capital
Natural Resource
Anything that people use to make things or to do work
Work
Things of work: machines, buildings, tools and money
A raw material found on Earth such as water, minerals, land,…
Resource
Anything that people use to make things or to do work
Labor
Work
31 terms
Economics Chapter 1 and 2
Command Economy ... Definition
Free Market Economy
Mixed economy
Traditional Economy
all questions are answered by the government... They say what wi…
Opposite of a command economy... Private sector answers all four…
America is this as most other nations in the world ... Character…
All questions are answered based on tradition... Economies are…
Command Economy ... Definition
all questions are answered by the government... They say what wi…
Free Market Economy
Opposite of a command economy... Private sector answers all four…
31 terms
Economics - Chapter 1
wants
needs
scarcity
economics
desires that can be satisfied by consuming a good or a service
the things that are necessary for survival
the situation that exists when there are not enough resources…
the study of how individuals and societies satisfy their unli…
wants
desires that can be satisfied by consuming a good or a service
needs
the things that are necessary for survival
16 terms
Economics Chapter 1 Vocabulary
economics
scarcity
factors of production
shortage
the study of how people seek to satisfy their needs and wants…
limited resources to meet unlimited wants
the three groups of resources that are used to make all goods…
a situation in which a good or service is unavailable, tempor…
economics
the study of how people seek to satisfy their needs and wants…
scarcity
limited resources to meet unlimited wants
40 terms
Economics Today: Chapter 1
Incentives
Economics
Resources
Wants
Rewards for engaging in a particular activity.
The study of how people allocate their limited resources to s…
Things used to produce other things to satisfy people's wants.
What people would buy if their incomes were unlimited.
Incentives
Rewards for engaging in a particular activity.
Economics
The study of how people allocate their limited resources to s…
14 terms
Economics: Chapter 1- What is Economics?
economics
microeconomics
macroeconomics
scarcity
the study of how people make choices about ways to use limite…
the branch of economic theory that deals with behavior and de…
the branch of economic theory that deals with behavior and de…
the basic economic problem that results from a combination of…
economics
the study of how people make choices about ways to use limite…
microeconomics
the branch of economic theory that deals with behavior and de…
24 terms
Economics Chapter 1
need
want
Economics
goods
something like air, food, or shelter that is necessary for su…
an item that we desire but that is not essential to survival.…
the study of how people seek to satisfy their needs and wants…
physical objects such as clothes or shoes. These can be purch…
need
something like air, food, or shelter that is necessary for su…
want
an item that we desire but that is not essential to survival.…
18 terms
Economics Chapter 1, Lesson 1
Scarcity
Economics
Need
Want
Is the condition that results from society not having enough…
Is the study of how people try to satisfy seemingly unlimited…
Basic requirements for survival, including food, clothing, an…
Something we would like to have but is not necessary for surv…
Scarcity
Is the condition that results from society not having enough…
Economics
Is the study of how people try to satisfy seemingly unlimited…
17 terms
Economics Ch 1 - What is Economics
scarcity
productive resources
economics
human resources
a condition facing all societies because there are not enough…
the inputs used to produce the goods and services people want
the study of how people use their scarce resources to satisfy…
the broad category of human efforts both physical and mental,…
scarcity
a condition facing all societies because there are not enough…
productive resources
the inputs used to produce the goods and services people want
33 terms
Abeka Economics Chapter 1
economics
economy
labor, freedom
economists
the study of the choices that individuals and societies m…
any system for the production, distribution, and consumption…
According to Albert Einstein, "Everything really great and in…
term for scholars of the production, distribution, and consum…
economics
the study of the choices that individuals and societies m…
economy
any system for the production, distribution, and consumption…
23 terms
Economics Chapter 1 Review
need
want
goods
services
somethin essential for survival
something that people desire but that is not necessary for su…
the physical objects that someone produces
the actions or activities that one person performs for another
need
somethin essential for survival
want
something that people desire but that is not necessary for su…
13 terms
Economics: Chapter 1: Intro and factors of production
Economics
Need
Want
Scarcity
the study of how people figure out ways to get the things the…
Basic requirement for survival, something you cannot live wit…
Anything you desire, but do not need for survival.
Having limited resource for unlimited wants
Economics
the study of how people figure out ways to get the things the…
Need
Basic requirement for survival, something you cannot live wit…
26 terms
Economics Chapter 1 Vocabulary
need
want
goods
services
something essential for survival
something that people desire but that is not necessary for su…
the physical objects that someone produces
the actions or activities that one person performs for another
need
something essential for survival
want
something that people desire but that is not necessary for su…
22 terms
Chapter 1: The Economic Way of Thinking
Scarcity
Wants
Needs
Economics
the situation that exists because wants are unlimited and res…
desires that can be met by consuming products
things necessary for survival: Food, Clothing, Shelter
study of how people use resources to satisfy wants
Scarcity
the situation that exists because wants are unlimited and res…
Wants
desires that can be met by consuming products
13 terms
CHAPTER 1 WHAT IS ECONOMICS?
Scarcity
Goods
Service
Natural Resource
Not enough of a certain resource to satisfy people's needs an…
Things that can be seen, touched, and bought or sold.
An activity performed for others for money, such as teaching…
Something provided by nature, such as wood, oil, and coal, th…
Scarcity
Not enough of a certain resource to satisfy people's needs an…
Goods
Things that can be seen, touched, and bought or sold.
17 terms
Economics Chapter 1
scarcity
economics
need
want
Limited quantities of resources to meet unlimited wants
The study of how people seek to satisfy their needs and wants…
something like air, food, or shelter that is necessary for su…
goods or services that are not necessary but that we desire o…
scarcity
Limited quantities of resources to meet unlimited wants
economics
The study of how people seek to satisfy their needs and wants…
13 terms
Economics Chapter 1 Section 1
Wants
Need
Scarcity
Economics
Are desires that can be satisfied by consuming a good or a se…
Are things that are necessary for survival
Exists when there are not enough resources to satisfy human w…
Is the study of how individuals and societies satisfy their u…
Wants
Are desires that can be satisfied by consuming a good or a se…
Need
Are things that are necessary for survival
12 terms
Economics - Chapter 1
Economics
Goods
Services
Scarcity
The study of how people seek to satisfy their needs and wants…
Man made items
Actions or activities that one person performs for another
Limited quantities of resources to meet unlimited wants
Economics
The study of how people seek to satisfy their needs and wants…
Goods
Man made items
24 terms
Chapter 1 - Economics
Wants
Needs
Scarcity
Economics
Desires that can be satisfied by consuming a good or service
Things, such as food, clothing, and shelter, that are necessa…
The situation that exists when are not enough resources to me…
The study of how people choose to use scarce resources to sat…
Wants
Desires that can be satisfied by consuming a good or service
Needs
Things, such as food, clothing, and shelter, that are necessa…
29 terms
Economics Chapter 1
need
want
Economics
goods
something like air, food, or shelter that is necessary for su…
an item that we desire but that is not essential to survival.…
the study of how peoplesatisfy their needs and wants by makin…
physical objects such as clothes or shoes. These can be purch…
need
something like air, food, or shelter that is necessary for su…
want
an item that we desire but that is not essential to survival.…
24 terms
Chapter 1 What is Economics (Economics)
Need
Want
Economics
Goods
Something like air, food, or shelter that is necessary for su…
An item that we desire but that is not essential to survival.
The study of how people seek to satisfy thier needs and wants…
Physical objects such as cloths or shoes.
Need
Something like air, food, or shelter that is necessary for su…
Want
An item that we desire but that is not essential to survival.
20 terms
Economics: Chapter 1
Scarcity
Economics
Need
Want
The condition that results from society not having enough res…
The study of how people try to satisfy what appears to be see…
A basic requirement for survival... -i.e, food, clothing, shelter
A way of expressing a need... -i.e, Need: Food; Want: Pizza
Scarcity
The condition that results from society not having enough res…
Economics
The study of how people try to satisfy what appears to be see…
20 terms
Chapter 1 - Economics
Scarcity
Productive Resources
Economics
Economic Theory
is the condition facing all societies because there are not e…
are the inputs used to produce the goods and services that pe…
examines how people use their scarce resources to satisfy the…
is a simplification of economic reality that is used to make…
Scarcity
is the condition facing all societies because there are not e…
Productive Resources
are the inputs used to produce the goods and services that pe…
26 terms
Economics Chapter 1
Need
Want
Goods
Services
Something necessary for survival
Item that we desire but not essential to survival
Physical objects such as shoes and shirts
Actions or activities that one person performs for another
Need
Something necessary for survival
Want
Item that we desire but not essential to survival
25 terms
Chapter 1 Economics
Scarcity
Economics
Natural Resources
Exhaustible Resource
a condition of limited productive resources for people's unli…
the study of how people use their scarce resources to satisfy…
resources that occur naturally and can be divided into renewa…
an nonrenewable natural resource that is available in a limit…
Scarcity
a condition of limited productive resources for people's unli…
Economics
the study of how people use their scarce resources to satisfy…
19 terms
Economics Chapter 1 & 2
Scarcity
Opportunity Cost
Factors of Production
Model
A situation that arises because people have unlimited wants i…
In decision making, the value of the next-best alternative fo…
Resources used in the production process; inputs into the pro…
A simplified representation of reality used to provide insigh…
Scarcity
A situation that arises because people have unlimited wants i…
Opportunity Cost
In decision making, the value of the next-best alternative fo…
38 terms
Economics - Chapter 1
Economic problem
Economic goods
Factors of production
Capital
People have infinite wants but there are scarce resources
Scarce Goods with opportunity cost
Capital, Enterprise, Land, and labor
Stock of goods used to make other goods
Economic problem
People have infinite wants but there are scarce resources
Economic goods
Scarce Goods with opportunity cost
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