Economics Chapter 1 Flashcards

Something essential for survival.

Something that people desire but that is not necessary for survival.

The physical objects that someone produces.

<p>The actions or activities that one person performs for another.</p> Signup and view all the answers

<p>The principle that limited amounts of goods and services are available to meet unlimited wants.</p> Signup and view all the answers

<p>The study of how people seek to satisfy their needs and wants by making choices.</p> Signup and view all the answers

<p>A situation in which consumers want more of a good or service than producers are willing to make available at a particular price.</p> Signup and view all the answers

<p>A person who decides how to combine resources to create goods and services.</p> Signup and view all the answers

<p>The resources that are used to make goods and services.</p> Signup and view all the answers

<p>All natural resources used to produce goods and services.</p> Signup and view all the answers

<p>The effort people devote to tasks for which they are paid.</p> Signup and view all the answers

<p>Any human-made resource that is used to produce other goods and services.</p> Signup and view all the answers

<p>The human-made objects used to create other goods and services.</p> Signup and view all the answers

<p>The knowledge and skills a worker gains through education and experience.</p> Signup and view all the answers

<p>The act of giving up one benefit in order to gain another, greater benefit.</p> Signup and view all the answers

<p>A phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa.</p> Signup and view all the answers

<p>The most desirable alternative given up as the result of a decision.</p> Signup and view all the answers

<p>The process of deciding whether to do or use one additional unit of some resource.</p> Signup and view all the answers

<p>A decision-making process in which you compare what you will sacrifice and gain by a specific action.</p> Signup and view all the answers

<p>The extra cost of producing one unit.</p> Signup and view all the answers

<p>The extra benefit of adding one unit.</p> Signup and view all the answers

<p>A graph that shows alternative ways to use the economy's productive resources.</p> Signup and view all the answers

<p>A line on a production possibilities curve that shows the maximum possible output an economy can produce.</p> Signup and view all the answers

<p>The use of resources in such a way as to maximize the output of goods and services.</p> Signup and view all the answers

<p>The use of fewer resources than an economy is capable of using.</p> Signup and view all the answers

<p>An economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second good or service.</p> Signup and view all the answers