Unit 1 Intro to Economics part One

Front

Scarcity impacts people's desire to move; which example shows people making a choice to improve their economic well-being? Moving to find a better job.

Back

Moving to find a better job.

Front

A short-term lack of product caused by severe weather, war, popularity, etc.

Back

Shortage

Front

This is the vehicle that makes barter/trade so much easier. It comes in many different shapes but the most common today are cloth paper and small metal disks.

Back

Money

Front

Limited goods and services to fulfill unlimited wants and needs.

Back

Scarcity

Front

Which of the following examples shows that we agree with the idea of stretching our resources to combat scarcity? Options: Strip Mining, Recycling, Water Pollution, Nuclear Plants

Back

Recycling

Front

The social science that studies the movement of goods and services at personal, local, country, and international levels and the consumption of those goods and services.

Back

Economics

Front

The person with the idea, the charisma to sell the idea to others, and the stamina to withstand failure.

Back

Entrepreneur

Front

A country/company has to decide all of the products that can be made with the resources they have. What to produce? How to produce? Who will get this product?

Back

How to produce?

Front

These are all the resources that a country or company has. They have to decide how to use the resources they have wisely. What to produce?

Back

What to produce?

Front

On Black Friday most businesses make enough money to finally see _____________ or money extra than the cost of producing the product they are selling

Back

Profit