Economics Chp 1 Test

Economics chapter one flashcards.

28 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
What is a situation in which some necessities have little value when some non necessities have a much higher value.
Paradox of value
Manufactured goods needed to produce other goods and services
Capital goods
Division of labor is a characteristic of...
Assembly line production
The study of economic is important because it makes us become..
Better decision makers.
A popular model used to illustrate the concept of opportunity cost is
Production possibilities frontier/curve
An economy at its production possibilities frontier is at ..
Its full potential
Actions in one part of a country that affect another part is....
Economic interdependence
Good
An item that is economically useful or satisfies an economic want
Service
A work that is performed for someone
Market
Location that allows buyers and sellers to exchange economic products
Productivity
A measure of the amt. of output produced by a given amt. of inputs in a specific period of time
For something to have value it must have..
Utility
Specialization
Performing one task relatively more efficiently than another
Scarcity
Fund. economic problem! condition that results from not having enough resources to produce all the things ppl want
Need
Basic requirment for survival