Economics Chapter 1 Quiz

• tools, equipment, and factories used in the production of goods/services

• capital

• capital good

• need

• goods

• tangible economic products that ae useful, relatively scarce, and transferable to others 

• service

• need

• • consumer good

• want

the using of a resource

• productivity

• consumption

• value

• service

food, clothing, shelter, and transportation 

• needs

• trade-offs

• capital

• economics

what making one choice (final choice) cost an individual by what is given up or not chosen

• cost

• opportunity cost

• need

• scarcity

anything and everything that isn't a need

• want

• service

• consumer good

• durable good

work or labor preformed for someone

• labor

• wealth

• service

• free enterprise

illustrates opportunity cost in a graph shows different combinations of two products a company can produce if all of their resources are fully employed and none are idle 

• economic model

• production possibilities frontier

• factor market

• scarcity

the measure of the amount of output produced with a given amount of productive factors or inputs (increases when more can be produced with the same amount of resources)

• consumption

• production possibilities frontier

• trade-offs

• productivity

where the factors of production are bought and sold... entrepreneurs hire labor for wages, acquire land in return for rent, and borrow money

• factor market

• product market

• economics

• standard of living