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Cahpter test
Chapter 1
26
Economics
10th Grade
01/17/2008

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Term
Economics is a social science because it deals with
Definition
how people behave while trying to satisfy their needs and wants through use of relatively scarece resources
Term
The study of economics is important because
Definition
it enables us to become better decision makers
Term
The basic problem in economics is ________
Definition
scarcity
Term
The four factors of production are:
Definition
land labor capital and entrepreneurs
Term
Land refers to the natural resources needed for production such as:
Definition
forests, minerals and climate
Term
What are the three ecoonomic questions?
Definition
what, how, and for whom to produce
Term
_____________ occurs when a nation's total output of goods and services increases over time
Definition
Economic growth
Term
When manufactured goods are used to produce other goods and services, they are called:
Definition
capital goods
Term
___________ occurs when some necessities have little value, (water); while some non-necessities have a much higher value, (diamonds)
Definition
paradox of value
Term
Economic products consists of both goods and services that are:
Definition
useful, relatively scarce, and transferable to others
Term
Both ______ and ________ are counted as part of a nation's wealth
Definition
goods and services
Term
A nation's wealth refers to the accumulation of those products that are:
Definition
tangible, scarce, useful, and transferable from one person to another
Term
With regard to economic interdependence, the gain in profuctivity and income as a result of increased specialization almost always offsets the cost associated with the loss in:
Definition
self-sufficiency
Term
_______ __ _______ is a characteristic of assembly line production
Definition
Division of labor
Term
What increases efficiency because it allows workers to master a few tasks of ther jobs?
Definition
Division of labor
Term
An economy at its ___________ ___________ _________ is operating at full potential
Definition
production possibilites frontier
Term
What is the dollar value of all final goods and services and the most comprehensive measure of a country's total profuction output?
Definition
Gross Domestic Product (GDP)
Term
What is a popular model used to illustrate the concept of opportunity cost?
Definition
production possibilities frontier
Term
A production possibilities frontier shows what?
Definition
the various possible combinations of output that can be profuced when all resources are fully employed
Term
When economic growth takes place, the prouction possibilities frontier shifts outward, showing what?
Definition
that more products are produced than before
Term
The production possibilites frontier can not be reached as long as some resources remain ____
Definition
idle
Term
Time is a(n) ________ when a manufacturer assigns workers to one task rather than to another
Definition
opportunity cost
Term
A nondurable good lasts for ______________ when used on a regular basis
Definition
less than 3 years
Term
The circular flow of economic activity describes an economy that is free of what?
Definition
markets
Term
To arrive at an economic decision, a __________ may be used to evaluate alternative choices of action
Definition
decision-making grid
Term
TINSTAAFL - there is no such thing as a free lunch - describes what concept?
Definition
that everything we do has a cost
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