CP Econ Unit 1

Front

study of how people make choices to satisfy their wants and needs through the careful use of relatively scarce resources

Back

Economics

Front

What type of economics looks at the decisions of a whole country?

Back

macroeconomics

Front

What type of economics looks at how a person, family, or business makes decisions?

Back

microeconomics

Front

What type of good lasts at least 3 years, like an oven, stove, or refrigerator?

Back

durable good

Front

What type of goods needs to be used quickly, like milk, fruit, and makeup?

Back

nondurable good

Front

What type of good is used for personal use?

Back

consumer good

Front

What is the economic idea that says there is a limited amount of an item to meet an unlimited need?

Back

scarcity

Front

What economic idea occurs when there is a lack of an item due to a high want and a slowness in making the item?

Back

shortage

Front

What factor of production includes all natural resources used to make a good?

Back

land

Front

What factor of production that includes all workers EXCEPT the owner of a business?

Back

labor