econ 1-2

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30 Terms

1
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T OR F? economic choices to be made are the responsibility of all citizens in a free & democratic society
true
2
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Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
good
3
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Ability or capacity of a good or service to be useful and give satisfaction to someone
utility
4
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Sum of people's skills, abilities, health, and motivation
human capital
5
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Division of work into a number of separate tasks to be performed by different workers
division of labor
6
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Good or service that is useful, relatively scarce, and transferable to others
economic product
7
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Market where productive resources are bought and sold
factor markets
8
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Productive resources that make up the 4 categories of: land, capital, labor, and entrepreneurship
factors of production
9
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Meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, national, regional, or global
market
10
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people with all their efforts and abilities
labor
11
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Degree to which resources are used efficiently; normally refers to labor, but can apply to all factors of production
productivity
12
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Market where goods and services are offered for sale
product market
13
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good intended for final use by consumers rather than businesses
consumer good
14
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Economic activities in one part of the country or world affect what happens elsewhere
economic interdependence
15
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money used to buy the tools and equipment used in production
financial capital
16
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Tool, equipment, or other manufactured good used to produce other goods and services
capital good
17
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fundamental economic problem facing all societies, that results from a combination of scarce resources and people's virtually unlimited wants
scarcity
18
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Sustained period which a nation's total output of goods and services increases
economic growth
19
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Apparent contradiction between the high value of nonessentials and low value of essentials
paradox of value
20
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as a consumer, what role do you play in the circular flow of economic activity?
you provide labor for income, and then send your income to buy goods & services
21
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what are some examples of capital goods?
robot welder in a factory, an oven in a bakery, a computer
22
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T OR F? any good that lasts 3 years or more on a regular basis is a durable good
true
23
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a good that lasts for less than 3 years
nondurable good
24
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list examples of nondurable goods
food, paper, clothes
25
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list examples of a service
haircuts, home repairs, concerts, teacher, doctor
26
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T OR F? the difference between a good and a service is that a service is intangible (cant be touched)
true
27
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T OR F? a good or service has to have utility for everyone
false
28
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for something to have value, it must be \______________ and \______________
scarce, have utility
29
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T OR F? services are not counted as wealth
true
30
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Work that is performed for someone else
Service