ECON - Quiz 1

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Last updated 2:16 AM on 8/14/26
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16 Terms

1
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Tradeoff

the thing you give up for another

2
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opportunity cost

the value of the other option not taken

3
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society

connection of people who share a common bond

4
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Needs

minimal requirements for society

5
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wants

desired, not essential.

  • Most tradeoffs are for ______

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Economy

system for coordinating the production, distribution, and consumption of goods and services.

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good

physical item

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service

action done

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scarce resources

basic elements that all goods + services are made from, which are limited in supply.

10
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land

anything drawn from nature for production

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labor

time and labor for production

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capital

Anything long-lasting used for production

  • created by people

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physical capital

hammers, machines, pans, walls

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human capital

skills, knowledge of workers

15
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entrepreneurship

willingness of people to take risks involved for business ventures

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inputs

land, labor, capital, entrepreneurship + anything made with that