ECON UNIT 1: SECTION 1 VOCAB

What is the definition of Scarcity ?

• Scarcity is the ability to stretch one's last dollar.

• Scarcity is a feeling of wealth and abundance.

• Scarcity results from society not having enough resources to produce all the things people would like to have.

• Scarcity is a type of rare gemstone.

Economics

• Economics is the study of debt

• Economics is the study of how people try to satisfy seemingly unlimited and competing wants

• Economics is the study of cooking and baking

• Economics is the study government spending

Need

• A want that is not essential for survival

• A desire for something

• An obsession with getting something

• A basic requirement for survival

Want

• Something necessary for your health

• Something you desire

• A requirement for survival

What is NOT an example of a factor or production ?

• Money

• Labor

• Capital

• Entrepreneurs

• Land

The factor of production : Capital

• Capital is given to those who are very successful.

• Capital is how many houses a person owns.

• Capital is the tools, equipment, machinery, and factories used in the production of goods and services. 

• Capital is a measure of a person's wealth, calculated by adding up their number of friends.

Labor

• A term used to describe going to school everyday

• People who do not do the work but receive credit

• People with all their efforts, abilities, and skills

Define an Entrepreneur...

• An entrepreneur is a criminal who engages in illegal business activities.

• A risk- taker in search of profits who does some- thing new with existing resources. 

• An entrepreneur is someone who works long hours at a low-paying job.

• An entrepreneur is a person who invests their money in the stock market.

Gross Domestic Product

• Gross Domestic Product (GDP) is the total number of people employed in a country.

• Gross Domestic Product (GDP) is the total square footage of a country's real estate.

• Gross Domestic Product (GDP) is the total amount of money spent by a country on foreign aid.

• Gross Domestic Product (GDP) is the dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period 

Which of the following is NOT one of the three basic questions of economics?

• Who to produce it for

• What to produce

• How to Produce

• What materials you need to produce