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Scarcity Worksheet
Scarcity Worksheet
20
Economics
12th Grade
03/01/2009

Additional Economics Flashcards

 


 

Cards

Term
What does TINSTAAFL stand for?
Definition
There Is No Such Thing As A Free Lunch
Term
Decribe the TINSTAAFL concept.
Definition
one of the keys to understanding the fundamental economic problem.
Term
Define Scarcity
Definition
the condition that arises because society does not have enough resources to produce all the things people would like to have.
Term
Describe how a shortage of money does not cause scarcity.
Definition

If everyone were to become wealthy, nobody would want to work creating no one to fill in jobs needed. most people would go without what they want or need.

 

Term
List the money factors of production
Definition
land, capital, labor and entrepreneurship
Term
What do the factors of production provide?
Definition
they procide the means for a society to produce and dstribute its goods and services.
Term
What does land refer to?
Definition
the "gifts of nature" or natural resources not created by human effort.
Term
What does land include?
Definition
deserts, fertile fields, forests, minral deposits, cattle, whales, sunshine, and climate necessary to grow crops.
Term
how do economists think of land in terms of supply?
Definition
because only so many natural resources are available at any given time.
Term
Define capital
Definition
the tools, equipment, and factories used in the production of goods and services
Term
list and describe the two types of capital
Definition
Capital Goods- built in a factor, however, which makes it the result of earlier production.
 
Financial Capital- the money used to buy the tools and equipment used in production
Term
Define Labor
Definition
people with all their efforts, abilities, and skills.
Term
who is not included in labor?
Definition
entrepreneurs
Term
what factors affect our labor pool?
Definition

population growth

immigration

famine

war

disease

Term
Define entrepreneur
Definition
a risk-taker in search of profits
Term
why are entrepreneurs considered the driving force in the U.S economy?
Definition
they exhibit a knack for starting a new business or bringing new products to market
Term
What are the three basic economic questions a society must answer
Definition

what to produce

how to produce

for whom to produce

Term
what is economics?
Definition
the study of human efforts to satisfy what appear to be unlimited and competing wants through the careful use of relatively scarce resources.
Term
how does economics relate to the Social Sciences?
Definition
it deals with the behavior of people as they cope with the fundamental problem of scarcity.
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