Econ ch. 1-2
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| show | Production of material goods and services
Science of efficiency
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| show | Systems that organize society to produce goods and services
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| show | How society allocates scarce resources to try to fulfill unlimited wants
Society’s wants will always outnumber the resiurces
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| show | Private individuals control the economy
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| Socialism | show 🗑
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| show | Increased trade between nations and foreign investment
Leads to specialization, imports, and lower self-sufficiency
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| show | Land
Labor
Capital
Entrepreneurial ability
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| show | All manufactured resources
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| show | Accumulated training and education and workers
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| show | Person who organizes, manages, and assembles other resources
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| show | Tasks preformed for someone else (intangible goods)
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| show | Wants forever greater than supply
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| Opportunity cost | show 🗑
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| show | Graph representing all possible combinations of maximum outputs that could be produced
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| show | * Fully employed resources
* Production over a specific time period
* Fixed resources
* Technology doesn't change
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| Consumer goods | show 🗑
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| show | Used to make other goods (for the future)
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| show | Investment in the future economy, more consumer goods in the future
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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.
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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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