Terms Pearson Chapter 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants at a zero price
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| Production | show 🗑
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| show | The natural resources that are available from nature
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| Labor | show 🗑
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| Physical capital | show 🗑
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| show | The accumulated training and education of workers
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| Entrepreneurship | show 🗑
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| show | All things from which individuals derive satisfaction or happiness
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| Economic goods | show 🗑
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| show | Mental or physical labor or help purchased by consumers.
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| show | The highest-valued next-best alternative that must be sacrificed to obtain something or to satisfy a want.
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| show | A curve representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality
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| show | Society's pool of applied knowledge concerning how goods and services can be produced
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| show | The case in which a given level of inputs is used to produce the maximum output possible.
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| Inefficient point | show 🗑
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| Law of Increasing additional cost | show 🗑
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| Consumption | show 🗑
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| Specialization | show 🗑
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| show | The ability to produce a good or service at a lower opportunity cost to other producers.
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| Absolute Advantage | show 🗑
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| show | The segregation of resources into different specific tasks. Ex. assembly line
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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