B) A lack of something desired.

A) A surplus of something desired.

C) A balance between supply and demand.

D) An economic term for financial stability.

Why do shortages happen?

C) When there is less of a good or service available at a certain price.

A) When there is an excess of a good or service available at any price.

B) When there is a balance of a good or service available at a certain price.

D) When there is a permanent discontinuation of a good or service.

When do shortages end?

B) When enough of the good is produced to satisfy demand or demand drops.

A) When the price of the good increases.

C) When the government intervenes.

D) When a new supplier enters the market.

What are inputs in the production process?

The scarce resources that go into the production process.

The goods and services produced.

The financial investments made for production.

The marketing strategies used for selling products.

What are outputs in the context of production?

The goods and services produced using the inputs.

The initial capital used to start a business.

The labor force employed in production.

The business plans developed for production.

What are land resources?

All gifts of nature used to produce goods & services

Financial assets used for production

What is a labor resource?

The time and effort people devote to producing goods & services in exchange for wages

A type of machinery used in production

A natural resource used in the creation of products

A financial investment made by a company

What are some examples of labor resources?

Skills, knowledge, and work performed by people

What is human capital?

The knowledge and skill that people gain from education, on-the-job training, and other experiences

The financial assets owned by an individual

The physical infrastructure of a country

The natural resources available to a society

What would you be left with if you were stripped of your assets, according to the concept of human capital?

The knowledge and skill from your education and experiences

Why is human capital important for an individual?

It is what allows them to make a living

It determines their social status

It is used to measure their age

Why is human capital important for a country?

There is a strong correlation between standard of living and level of human capital

It increases the country's military strength

It is a measure of the country's cultural heritage

It determines the country's geographical size

What is financial capital?

The money that can be invested in stocks, bonds, real estate or businesses to produce future wealth

The knowledge and skills a worker has

The physical labor workers provide

The natural resources that are used to make goods and services

What are physical capital and capital goods?

The tools, machines, and buildings used in the production of goods and services

The natural resources found within the environment

The money and financial assets that can be used to invest

The intellectual property such as patents and copyrights

What do entrepreneurs combine in new ways to produce goods and services?

Technology, management, and information

Research, development, and design

What is productivity?

A measure of the output of an economy per unit of input.

The satisfaction or pleasure one gains from consuming a product or service.

The process of increasing the amount of goods and services produced by each unit of labor input.

The total amount of goods and services produced by an economy.

What does utility refer to in economics?

The satisfaction or pleasure one gains from consuming a product or service or from taking an action.

The usefulness of a product in terms of its ability to satisfy needs or wants.

The total amount of satisfaction or pleasure one gains from consuming a product or service.

The efficiency with which a product or service fulfills its intended purpose.

The alternatives not chosen when making decisions.

The value of the next best alternative you could have chosen in a trade-off.

A financial strategy to increase profits.

What is the meaning of "opportunity costs"?

The value of the next (2nd) best alternative you could have chosen in a trade-off.

The cost of the first choice in a trade-off.

The cost of purchasing opportunities.

The total cost of all alternatives in a decision.

What does the Production Possibilities Frontier (PPF) demonstrate?

The trade-offs and opportunity costs for producing two different goods

The maximum possible production levels of a single good

The unlimited production capacity of an economy

The preference of consumers for certain goods over others

What is economic efficiency?

The result of using resources in a way that produces the maximum amount of goods and services.

The result of using resources in a way that produces the minimum amount of goods and services.

The process of allocating resources without considering the outcomes.

A method of measuring the wealth of an economy.

Basic Econ Terms

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