Econ: Chp 1 Word Scramble
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| Question | Answer |
| something like air, food, or shelter that is crucial for survival | need |
| an item that we desire but that is not essential to survival | want |
| the study of how people seek to satisfy their needs and wants by making choices | economics |
| physical objects such as clothes or shoes | goods |
| actions or activities that one person performs for another | services |
| limited quantities of resources to meet unlimited wants | scarcity |
| a situation in which a good or service is unavailable | shortage |
| land, labor and capital | factors of production |
| natural resources that are used to make all goods and services | land |
| the effort that people devote to a task for which they are paid | labor |
| any human made resource that is used to create other goods and services: money or resources | capital |
| all human-made goods that are used to produce other goods and services; machinery and buildings | physical capital |
| the skills and knowledge gained by a worker through education and experience | human capital |
| ambitious leader who combines FOP to create and market new goods and services | entrepreneur |
| an alternative that we sacrifice when we make a decision | trade-off |
| phrase referring to the trade-offs that nations face when choosing whether to produce more or less military or consumer | guns or butter |
| the most desirable alternative given up as the result of a decision | opportunity cost |
| deciding whether to do or use one additional unit of some resource; eliminating choices one by one | thinking at the margin |
| a graph that shows alternative ways to use an economy's resources | production possibilities graph |
| the line on a production possibilities graph that shows the maximum possible output; efficiency | production possibilities curve |
| using resources in such a way as to maximize the production of goods and services; very little to no waste FOP | efficiency |
| using fewer resources than an economy is capable of using; inefficient use of FOP | underutilization |
| to an economist, this the alternative that is given up because of a decision; it can include time or opportunity | cost |
| as we shift factors of production from making one good or service to another, the cost of producing the second item increases | law of increasing costs |
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