Glencoe Economics Principles Overview

The condition of not having enough resources to produce all the things people would like to have.

A need is a basic requirement, while a want is something not necessary for survival.

<p>True</p> Signup and view all the answers

<p>Land, capital, labor, and entrepreneurs.</p> Signup and view all the answers

<p>Tools, equipment, machinery, and factories used in the production of goods and services.</p> Signup and view all the answers

<p>The people needed to commit their efforts and abilities.</p> Signup and view all the answers

<p>An individual that offers a big change in the economy due to producing new businesses.</p> Signup and view all the answers

<p>The dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period.</p> Signup and view all the answers

<p>Goods intended for final use by individuals.</p> Signup and view all the answers

<p>Goods that last 2-3 years.</p> Signup and view all the answers

<p>A good that lasts less than 2 years.</p> Signup and view all the answers

<p>Work that is performed for someone, such as haircuts and home repairs.</p> Signup and view all the answers

<p>Customers; people that buy things.</p> Signup and view all the answers

<p>The worth of the product.</p> Signup and view all the answers

<p>Some necessities like water have a very low monetary value, while some nonnecessities like diamonds have a very high value.</p> Signup and view all the answers

<p>The capacity to be useful and provide satisfaction.</p> Signup and view all the answers

<p>The accumulation of products that are tangible, scarce, useful, and transferable.</p> Signup and view all the answers

<p>A location or mechanism that allows buyers and sellers to exchange a specific product.</p> Signup and view all the answers

<p>Markets where the factors of production are bought and sold.</p> Signup and view all the answers

<p>Markets where producers sell their goods and services.</p> Signup and view all the answers

<p>When the total output of goods and services increases over time.</p> Signup and view all the answers

<p>The amount of goods and services produced.</p> Signup and view all the answers

<p>The sum of people's skills, abilities, health, knowledge, and motivation.</p> Signup and view all the answers

<p>A way of organizing work so that each individual worker completes a separate part of the work.</p> Signup and view all the answers

<p>When factors of production perform only tasks they can do better or more efficiently than others.</p> Signup and view all the answers

<p>The reliance upon others, and others relying on us, to provide the most goods and services we consume.</p> Signup and view all the answers

<p>Alternative choices.</p> Signup and view all the answers

<p>The cost of the next-best alternative.</p> Signup and view all the answers

<p>A diagram representing various combinations of goods and services an economy can produce when all its resources are in use.</p> Signup and view all the answers

<p>A simplified equation, graph, or figure showing how something works.</p> Signup and view all the answers

<p>A way of comparing the costs of an action to the benefits received.</p> Signup and view all the answers

<p>An economy where consumers and privately owned businesses, rather than the government, make the majority of 'what', 'how', and 'for whom' decisions.</p> Signup and view all the answers

<p>The quality of life based on the ownership of necessities and luxuries that make life easier.</p> Signup and view all the answers

<p>An organized way of providing for the wants and needs of people.</p> Signup and view all the answers

<p>The use of scarce resources in a system that is based on customs and traditions.</p> Signup and view all the answers

<p>A central authority making the major decisions about 'what', 'how', and 'for whom'.</p> Signup and view all the answers

<p>An economic system where decisions are made based on supply and demand.</p> Signup and view all the answers