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Economics is the science that studies _____ in a world of scarcity.
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_________ is the most highly valued alternative forfeited when a choice is made.
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Ch. 1-What is Econ?

Economic basics

QuestionAnswer
Economics is the science that studies _____ in a world of scarcity. how people make choices (or how people satisfy their unlimited wants)
_________ is the most highly valued alternative forfeited when a choice is made. Opportunity cost
_____________ is the branch of economics that deals with human behavior and choices as they relate to the entire economy. Macroeconomics (National economics)
_______ is the condition in which our wants are greater than the resources available to satisfy all those wants. (limited resources & unlimited wants) Scarcity
All the natural resources found in nature, such as mineral deposits, water, forests, and animals are ______________ . land
Labor earns _________________ wages
Entrepreneurship earns __________________ profits
Economics is about making _____________. choices
A __________________ resource can be drawn on indefinitely if used wisely. renewable
You should ignore ___________ cost in making economic choices because they are costs that cannot be recovered. sunk
In economics, there is no such thing as a __________ lunch. free
An example of a _______________ (good or service) would be teaching. service
________________ includes all human creations used to produce goods and services. Capital goods
Oil, coal, and copper are examples of _________________ resources. exhaustible land
An ___________________ is a person who develops a new product or process, seeks profit, and assumes the risk of profit or loss. entrepreneur
Human (Labor), natural (land) , capital (tools), and entrepreneurship are called ___________________. factors of production (also called inputs and productive resources)
The physical and mental effort you are using to study for this test is called ______________. labor
The assumption of rational _____________________ means that people will generally make the best choice for themselves. self-interest
The statement that "Mr. Frost is a good teacher" is an example of __________________ analysis. normative
The statement "Mr. Frost is a teacher" is an example of __________________ analysis. positive
____________________ focuses on the economic behavior of individuals or individual markets, but not on the economy as a whole. Microeconomics
An example of a ______________ (good or service) would be a loaf of bread. good
The four main factors of production are ______, ________, ____________ and ___________ land, labor, capital, and entrepreneurship
____________ are the means by which buyers and sellers carry out exchange. Markets
_______________ analysis is a statement of opinion and states what "should be." Normative
_________________ analysis is a statement that can be supported by facts and states "what is." Positive
In ___________________ we might study the unemployment rate of timber workers where in _________________ we would study the unemployment rate for all workers in the economy. microeconomics; macroeconomics
Steve Jobs starting Apple would be an example of which factor of production? entrepreneurship
A tree would be an example of what type of factor of production? land (natural resources)
The hammer used by a carpenter to make a door frame would be an example of what type of factor of production? capital
A teacher would be an example of what type of factor of production? labor (human resource)
T or F: Productive resources and inputs are two other names for factors of production. True
Labor earns ____________ , land earns ____________ , capital earns ________________ , while entrepreneurship earns ____________________. wage; rent; interest; profits
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