Term
|
Definition
| Any resources that are made by humans and used to create other goods and services are called: |
|
|
Term
| food available because the trucks carry it are on strike. |
|
Definition
| An example of a shortage is limited amounts of... |
|
|
Term
|
Definition
| The resources used to make all goods and services are the... |
|
|
Term
| show alternative ways to use an economy's resources. |
|
Definition
| The purpose of a production possibilities graph is to... |
|
|
Term
| uses its resources to make the most goods and services. |
|
Definition
| An efficient economy is one that... |
|
|
Term
| the opportunity costs go up. |
|
Definition
| The law of increasing costs means that when an economy increases the production of one item,... |
|
|
Term
| production possibilities graph. |
|
Definition
| The opportunity cost of a decision can be examined by using a... |
|
|
Term
|
Definition
| What is a situation in which a good or service is unavailable? |
|
|
Term
|
Definition
| What are any human-made goods that are used to create other goods and services? |
|
|
Term
|
Definition
| What are natural resources used to make goods and services? |
|
|
Term
|
Definition
| What is the effort that people devote to a task for which they are paid? |
|
|
Term
|
Definition
| What principle states that we have limited quantities of resources to meet unlimited want? |
|
|
Term
|
Definition
| What is an alternative that we sacrifice when we make a decision called? |
|
|
Term
|
Definition
| What is the most desirable alternative given up as the result of a decision called? |
|
|
Term
|
Definition
| What occurs when an economy uses fewer resources than an economy is capable of using? |
|
|
Term
|
Definition
| What is the struggle among various producers for the consumer's business called? |
|
|
Term
| mixed but on the side of centrally planned |
|
Definition
| How could the Chinese economy be characterized? |
|
|
Term
|
Definition
| What incentive motivates a manufacturer to sell a product? |
|
|
Term
|
Definition
|
|
Term
|
Definition
| What economist developed the principle of laissez faire? |
|
|
Term
| centrally planned economy |
|
Definition
| government makes all decisions on the production and consumption of goods and services |
|
|
Term
|
Definition
| How do consumers benefit from competition? |
|
|
Term
|
Definition
| What economic principle states that consumers ultimately decides what goods and services get produced? |
|
|
Term
|
Definition
| What medical benefit program covers some poor people who are unemployed or not covered by their employer? |
|
|
Term
|
Definition
| What medical benefit program provides for the elderly and disabled? |
|
|
Term
|
Definition
| In what kind of an economy does the government make all decisions? |
|
|
Term
| to produce and distribute goods and services |
|
Definition
| What is the purpose of an economic system? |
|
|
Term
|
Definition
| a person who consumes a good or service but does not pay for it |
|
|
Term
|
Definition
| What is the term for the total value of all goods and services produced in a particular economy? |
|
|
Term
|
Definition
| greatest output of goods and services |
|
|
Term
|
Definition
|
|
Term
|
Definition
| temporary lack of one or more goods |
|
|
Term
|
Definition
| the most attractive alternative that is given up when an economic decision is reached |
|
|
Term
| production possibilities frontier |
|
Definition
| the line that shows different production possibilities for the economy |
|
|
Term
|
Definition
| all the possible alternatives that are rejected when a choice is made |
|
|
Term
| production possibilities graph |
|
Definition
| representation of the possible ways an economy could use resources |
|
|
Term
|
Definition
| the basic economic condition of all goods and services |
|
|
