Economic products designed for final use by people are called
consumer goods
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The _______ of a CD player can be expressed in dollars and cents
value
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Haircuts and appliance repairs are examples of
services
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Issue arises because society does not have enough resources to produce all the things people would like to have.
scarcity
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Going to a football game instead of working would include the money not earned at your job.
opportunity cost
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The sum of the skills, abilities, health, and motivation of people
human capital
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Another name for the capacity of a product to be useful.
utility
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The only factors of production that are themselves the result of earlier production.
capital goods
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Land, capital, labor, and entrepreneurs are
factors of production
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The study of how people use limited resources to satisfy unlimited wants
economics
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Explain what is happening in each of the following PPC diagram.
the production possibility frontier shifted outward so the production of cars has expanded. This can se the result of increased labor force, or new technological improvements. Also, more resources for car production could have increased
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Scarcity requires that people must
It requires that people must make decisions. They will have a high demand of a product to satisfy their wants.
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The income earned by the people who sell the services of the factor of production _____ is called _______
labor; wages
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A country's production possibilities will grow if it
increases its resources
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Which of the following is NOT an example of land?
food
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The term “opportunity cost” points out that
any decision regarding the use of a resource involves a costly choice.
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The skills and knowledge gained by a worker through education and experience are
human capital
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LaKenya's opportunity cost for attending college includes I. other goods that could have been bought with the money spent for tuition I. ordinary clothing LaKenya bought during the four years of college Ill. income LaKenya could have earned from work at a full-time job
I and III only
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What is the opportunity cost for moving from Point C to Point D?
Four consumer goods
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Society's ability to produce more books and computers is limited by
available resources and technology
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Which of the following resources would be considered a capital resource?
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