BusinessU Lesson 3-1, 3-1, 3-4, 3-5 Flashcard

Front

The study of behavior and decision-making of individuals and businesses in an economy is:

Back

Microeconomics

Front

Economic Wants are: goods, services, intangible items

Back

all answers

Front

The reality that people’s wants always exceed the resources available to fulfill those wants is:

Back

Scarcity

Front

Choosing between two things that can’t be had or done at the same time is...?

Back

Trade-off

Front

All the components needed for production including natural resources, labor, capital goods, and expertise are:

Back

resources

Front

Desires that do not require money to be obtained are: scarcity, noneconomic want, economic want, trade-off

Back

noneconomic want

Front

A general increase in prices in an economy is:

Back

inflation

Front

The loss of potential gain from among other alternatives, when one alternative is chosen.

Back

Opportunity Cost

Front

The study of the behavior, performance, structure, and decision-making of an economy as a whole.

Back

Macroeconomics

Front

Expertise is the technical knowledge and ability to successfully _______ the items

Back

produce