Think like an Economist

Front

Why do all societies have to make decisions about how resources will be used?

Back

There are not enough resources for those who want them

Front

Scarcity is defined as a limited supply of resources and...

Back

unlimited wants for available resources

Front

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

Back

Entrepreneur

Front

A profit-seeker who develops new product or process and assumes the risk of profit or loss.

Back

Entrepreneur

Front

What are the three economic questions?

Back

What to produce? How to produce? For whom to produce?

Front

An Entrepreneur is a person who takes a risk to...

Back

earn a profit

Front

The broad category of human efforts, both physical and mental, used to produce goods and services.

Back

Human resource

Front

The study of the economy at the level of individuals, households, and businesses

Back

Micro economics

Front

A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this Macroeconomic condition?

Back

inflation

Front

A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes?

Back

opportunity cost