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WorksheetsSections 1-3
Total questions: 81
Worksheet time: 41mins
Chapter 1 Section 1
Scarcity:
a way of expressing a need
a basic requirement for survival that includes food clothing and shelter
the study of how people try to satisfy what appears to be seemingly unlimited and competing once through the careful use of relatively scarce resources
the condition that results from society not having enough resources to produce all the things people would like to have
Chapter 1 Section 1
Economics:
a basic requirement for survival that includes food clothing and shelter
the study of how people try to satisfy what appears to be seemingly unlimited and competing once through the careful use of relatively scarce resources
a way of expressing a need
resources Required to produce things people would like to have they include land Capital labor and entrepreneurs
Chapter 1 Section 1
need:
resources Required to produce things people would like to have they include land Capital labor and entrepreneurs
a basic requirement for survival that includes food clothing and shelter
a way of expressing a need
natural resources not created by humans
Chapter 1 Section 1
want:
a way of expressing a need
resources Required to produce things people would like to have they include land Capital labor and entrepreneurs
natural resources not created by humans
the tools equipment machinery and factories used in the production of goods and services
Chapter 1 Section 1
factors of production:
the money used to buy the tools and equipment used in production
natural resources not created by humans
the tools equipment machinery and factories used in the production of goods and services
resources Required to produce things people would like to have they include land Capital labor and entrepreneurs
Chapter 1 Section 1
land:
natural resources not created by humans
the tools equipment machinery and factories used in the production of goods and services
the money used to buy the tools and equipment used in production
the condition that results from society not having enough resources to produce all the things people would like to have
Chapter 1 Section 1
Capital:
the money used to buy the tools and equipment used in production
the tools equipment machinery and factories used in the production of goods and services
a risk taker in search of profits who does something new with existing resources
people with all their efforts abilities and skills
Chapter 1 Section 1
Financial Capital:
the process of creating goods and services
a risk taker in search of profits who does something new with existing resources
people with all their efforts abilities and skills
the money used to buy the tools and equipment used in production
Chapter 1 Section 1
Labor:
people with all their efforts abilities and skills
the dollar value of all final good services and structures produced within a country's borders in a 12-month period
a risk taker in search of profits who does something new with existing resources
the process of creating goods and services
Chapter 1 Section 1
Entrepreneur:
the process of creating goods and services
a risk taker in search of profits who does something new with existing resources
the dollar value of all final good services and structures produced within a country's borders in a 12-month period
the condition that results from society not having enough resources to produce all the things people would like to have
Chapter 1 Section 1
Production
the process of creating goods and services
a basic requirement for survival that includes food clothing and shelter
the study of how people try to satisfy what appears to be seemingly unlimited and competing once through the careful use of relatively scarce resources
the dollar value of all final good services and structures produced within a country's borders in a 12-month period
Chapter 1 Section 1
Gross Domestic Product GDP:
a risk taker in search of profits who does something new with existing resources
a way of expressing a need
the dollar value of all final good services and structures produced within a country's borders in a 12-month period
natural resources not created by humans
Chapter 1 Section 2
Economic product:
good a manufactured item used to produce other goods and services
an item that is economically useful or satisfies an economic want
good an item intended for final use by individuals
a good or service that is useful relatively scarce and transferable to others
Chapter 1 Section 2
Good:
work that is performed for someone
an item that is economically useful or satisfies an economic want
good an item intended for final use by individuals
good a manufactured item used to produce other goods and services
Chapter 1 Section 2
Consumer good:
a worth that can be expressed in dollars and cents
an item intended for final use by individuals
good a manufactured item used to produce other goods and services
work that is performed for someone
Chapter 1 Section 2
Capital good:
the situation in which some non-necessities have a much higher value than some necessities
a worth that can be expressed in dollars and cents
work that is performed for someone
a manufactured item used to produce other goods and services
Chapter 1 Section 2
Service:
the capacity to be useful and provide satisfaction
work that is performed for someone
the situation in which some non-necessities have a much higher value than some necessities
a worth that can be expressed in dollars and cents
Chapter 1 Section 2
Value:
wealthy accumulation of those economic products that are tangible scarce useful and transferable from one person to another
the capacity to be useful and provide satisfaction
the situation in which some non-necessities have a much higher value than some necessities
a worth that can be expressed in dollars and cents
Chapter 1 Section 2
Paradox of Value:
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
wealthy accumulation of those economic products that are tangible scarce useful and transferable from one person to another
the capacity to be useful and provide satisfaction
the situation in which some non-necessities have a much higher value than some necessities
Chapter 1 Section 2:
Utility
a market where productive resources are bought and sold
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
the capacity to be useful and provide satisfaction
wealthy accumulation of those economic products that are tangible scarce useful and transferable from one person to another
Chapter 1 Section 2
Market:
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
a market where productive resources are bought and sold
a market where producers sell their goods and services to Consumers
the increase in the nation's total output of goods and services over time
Chaper 1 Section 2:
Factor market
a measure of the amount of output produced by a given amount of inputs and a specific period of time
the increase in the nation's total output of goods and services over time
a market where productive resources are bought and sold
a market where producers sell their goods and services to Consumers
Chapter 1 Section 2
Product Market:
the increase in the nation's total output of goods and services over time
a market where producers sell their goods and services to Consumers
a measure of the amount of output produced by a given amount of inputs and a specific period of time
work arranged so that individual workers do fewer tasks than before
Chapter 1 Section 2
Economic growth:
a good or service that is useful, relatively scarce, and transferable to others
an item that is economically useful or satisfies an economic want
reliance on one another to provide the goods and services that people consume
the increase in a nations total output of goods and services over time
Chapter 1 Section 2
Division of labor:
a market where producers sell their goods and services to Consumers
the increase in the nation's total output of goods and services over time
work arranged so that individual workers do fewer tasks than before
a measure of the amount of output produced by a given amount of inputs and a specific period of time
Chapter 1 Section 2
Specialization
work arranged so that individual workers do fewer tasks than before
situation in which a factor of production performs tasks that it can do relatively more efficiently than others
the increase in the nation's total output of goods and services over time
a measure of the amount of output produced by a given amount of inputs and a specific period of time
Chapter 1 Section 2
Human capital
product a good or service that is useful relatively scarce and transferable to others
Reliance on one another to provide the goods and services that people consume
the sum of the skills abilities health and motivation of people
work that is performed for someone
Chapter 1 Section 2
Economic Independence:
Reliance on one another to provide the goods and services that people consume
the capacity to be useful and provide satisfaction
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
the increase in the nation's total output of goods and services over time
Chapter 1 Section 3
Trade-offs:
A way of thinking about a problem that compares the costs an action to the benefits received
Alternative choices
A diagram representing various combinations of goods and services an economy can produce when all productive resources are fully employed
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Chapter 1 Section 3
Opportunity cost:
System in which consumers and privately owned businesses, rather than the government, make the majority of WHAT, HOW, and FROM WHOM decisions
A way of thinking about a problem that compares the costs an action to the benefits received
A diagram representing various combinations of goods and services an economy can produce when all productive resources are fully employed
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Chapter 1 Section 3
Production Possibilities Frontier:
A diagram representing various combinations of goods and services an economy can produce when all productive resources are fully employed
A way of thinking about a problem that compares the costs an action to the benefits received
The quality of life based on possessions that make life easier
System in which consumers and privately owned businesses, rather than the government, make the majority of WHAT, HOW, and FROM WHOM decisions
Chapter 1 Section 3
Cost-benefit analysis:
Alternative choices
A way of thinking about a problem that compares the costs an action to the benefits received
The quality of life based on possessions that make life easier
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Chapter 1 Section 3
Free enterprise economy:
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
System in which consumers and privately owned businesses, rather than the government, make the majority of WHAT, HOW, and FROM WHOM decisions
A diagram representing various combinations of goods and services an economy can produce when all productive resources are fully employed
The quality of life based on possessions that make life easier
Chapter 1 Section 3
Standard of living:
The quality of life based on possessions that make life easier
A way of thinking about a problem that compares the costs an action to the benefits received
A diagram representing various combinations of goods and services an economy can produce when all productive resources are fully employed
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
Chapter 2 Section 1
Economy/ economic system:
An economy in which people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions
An economy in which a central authority makes most of the WHAT, HOW, FOR WHOM decisions
An organized way of providing for the wants and needs of people
An economy in which the allocation of resources and nearly all economic activity stems from ritual, habit, or custom
Chapter 2 Setion 1
Traditional economy:
An economy in which the allocation of resources and nearly all economic activity stems from ritual, habit, or custom
An economy in which people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions
An economy in which a central authority makes most of the WHAT, HOW, FOR WHOM decisions
An organized way of providing for the wants and needs of people
Chapter 2 Section 1
Command economy:
An organized way of providing for the wants and needs of people
An economy in which people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions
An economy in which a central authority makes most of the WHAT, HOW, FOR WHOM decisions
An economy in which the allocation of resources and nearly all economic activity stems from ritual, habit, or custom
Chapter 2 Section 1
Market economy:
An economy in which a central authority makes most of the WHAT, HOW, FOR WHOM decisions
An economy in which people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions
An organized way of providing for the wants and needs of people
An economy in which the allocation of resources and nearly all economic activity stems from ritual, habit, or custom
Chapter 2 Section 2
Social security:
The freedom of people to make their own economic decisions
A rise in the general level of prices
a federal program of disability and retirement benefits that covers most working people
An income that does not increase even though prices go up
Chapter 2 Section 2
Inflation:
A rise in the general level of prices
An income that does not increase even though prices go up
The freedom of people to make their own economic decisions
Careful use of resources to decrease the amount of resources that are wasted
Chapter 2 Section 2
Fixed income:
People should be paid the same if they do the same kind of work; companies should not be allowed to say untrue things about their products
An income that does not increase even though prices go up
The freedom of people to make their own economic decisions
Careful use of resources to decrease the amount of resources that are wasted
Chapter 2 Section 2
Economic freedom:
Protection from such things as layoffs and injuries that make people lose their jobs
People should be paid the same if they do the same kind of work; companies should not be allowed to say untrue things about their products
Careful use of resources to decrease the amount of resources that are wasted
The freedom of people to make their own economic decisions
Chapter 2 Section 2
Economic efficiency:
Careful use of resources to decrease the amount of resources that are wasted
Protection from such things as layoffs and injuries that make people lose their jobs
People should be paid the same if they do the same kind of work; companies should not be allowed to say untrue things about their products
If people want to work, they should be able to find jobs
Chapter 2 Section 2
Economic equity
People should be paid the same if they do the same kind of work; companies should not be allowed to say untrue things about their products
Protection from such things as layoffs and injuries that make people lose their jobs
If people want to work, they should be able to find jobs
Prices should not increase too much so that people can afford goods and services
Chapter 2 Section 2
Full employment:
a federal program of disability and retirement benefits that covers most working people
So that people can have more goods and services
Prices should not increase too much so that people can afford goods and services
If people want to work, they should be able to find jobs
Chapter 2 Section 2
Price stability:
So that people can have more goods and services
Prices should not increase too much so that people can afford goods and services
A rise in the general level of prices
The freedom of people to make their own economic decisions
Chapter 2 Section 2
Economic growth:
People should be paid the same if they do the same kind of work; companies should not be allowed to say untrue things about their products
The freedom of people to make their own economic decisions
So that people can have more goods and services
Careful use of resources to decrease the amount of resources that are wasted
Chapter 2 Section 3
Capitalism:
the privilege that entitles people to own and control their possessions as they wish
economy in which competition is allowed to flourish with a minimum of government interference
a system in which private citizens on the factors of production
the act of buyers and sellers freely and willingly engaging in Market transactions
Chapter 2 Section 3
free enterprise:
the extent to which persons or organizations are better off at the end of a period Then they were at the beginning
economy in which competition is allowed to flourish with a minimum of government interference
the privilege that entitles people to own and control their possessions as they wish
the act of buyers and sellers freely and willingly engaging in Market transactions
Chapter 2 Section 3
voluntary Exchange:
the driving force that encourages people and organizations to improve their material well-being
the extent to which persons or organizations are better off at the end of a period Then they were at the beginning
the privilege that entitles people to own and control their possessions as they wish
the act of buyers and sellers freely and willingly engaging in Market transactions
Chapter 2 Section 3
private property rights:
the privilege that entitles people to own and control their possessions as they wish
the extent to which persons or organizations are better off at the end of a period Then they were at the beginning
the driving force that encourages people and organizations to improve their material well-being
the struggle among sellers to attract consumers while lowering costs
Chapter 2 Section 3
Profit:
the role of the consumer as ruler of the market
the extent to which persons or organizations are better off at the end of a period then they were at the beginning
the driving force that encourages people and organizations to improve their material well-being
the struggle among sellers to attract consumers while lowering costs
Chapter 2 Section 3
profit motive:
economy in which people carry on their economic Affairs freely but are subject to some government intervention and regulation
the role of the consumer as ruler of the market
the driving force that encourages people and organizations to improve their material well-being
the struggle among sellers to attract consumers while lowering costs
Chapter 2 Section 3
Competition:
a system in which private citizens on the factors of production
economy in which people carry on their economic Affairs freely but are subject to some government intervention and regulation
the role of the consumer as ruler of the market
the struggle among sellers to attract consumers while lowering costs
Chapter 2 Section 3
consumer sovereignty:
the role of the consumer as ruler of the market
economy in which competition is allowed to flourish with a minimum of government interference
economy in which people carry on their economic Affairs freely but are subject to some government intervention and regulation
the act of buyers and sellers freely and willingly engaging in Market transactions
Chapter 2 Section 3:
mixed economy/ modified private enterprise economy
the extent to which persons or organizations are better off at the end of a period then they were at the beginning
the struggle among sellers to attract consumers while lowering costs
economy in which people carry on their economic Affairs freely but are subject to some government intervention and regulation
the privilege that entitles people to own and control their possessions as they wish
Chapter 3 Section1
Sole proprietorship/ proprietorship:
A business jointly owned by two or more persons
A business owned and run by one person
A stock of finished goods and parts in reserve
A firm that legally ceases to exist when the owner dies, quits, or sells the business
Chapter 3 Section 1
Inventory:
The investors responsibility for the debts of the business to cease or delay debt payments
A business jointly owned by two or more persons
A firm that legally ceases to exist when the owner dies, quits, or sells the business
A stock of finished goods and parts in reserve
Chapter 3 Secion 1
Limited life:
A firm that legally ceases to exist when the owner dies, quits, or sells the business
A business jointly owned by two or more persons
The investors responsibility for the debts of the business to cease or delay debt payments
A court-granted permission to an individual or business to cease delay debt payments
Chapter 3 Section 1
Partnership:
A form of business organization recognized by law as a separate legal entity having all the rights on an individual
A business jointly owned by two or more persons
The investors responsibility for the debts of the business to cease or delay debt payments
A court-granted permission to an individual or business to cease delay debt payments
Chapter 3 Section 1
Limited partnership:
A form of business organization recognized by law as a separate legal entity having all the rights on an individual
A court-granted permission to an individual or business to cease delay debt payments
The investors responsibility for the debts of the business to cease or delay debt payments
A government document that gives permission to create a corporation earnings
Chapter 3 Section 1
Bankruptcy:
A court-granted permission to an individual or business to cease delay debt payments
A form of business organization recognized by law as a separate legal entity having all the rights on an individual
A government document that gives permission to create a corporation earnings
A written promise to repay a loan at a later date
Chapter 3 Section 1
Corporation:
A government document that gives permission to create a corporation earnings
A written promise to repay a loan at a later date
A form of business organization recognized by law as a separate legal entity having all the rights on an individual
An amount of borrowed money
Chapter 3 Section 1
Charter:
A written promise to repay a loan at a later date
An amount of borrowed money
The taxing of stockholders dividends as corporate profit and again as personal income
A government document that gives permission to create a corporation earnings
Chapter 3 Section 1
Bond:
An amount of borrowed money
A written promise to repay a loan at a later date
A business owned and run by one person
A business jointly owned by two or more persons
Chapter 3 Section 1
Principal
An amount of borrowed money
A stock of finished goods and parts in reserve
A court-granted permission to an individual or business to cease delay debt payments
The price paid for the use of another's money
Chapter 3 Section 1
Interest:
A form of business organization recognized by law as a separate legal entity having all the rights on an individual
A government document that gives permission to create a corporation earnings
The price paid for the use of another's money
A firm that legally ceases to exist when the owner dies, quits, or sells the business
Chapter 3 Section 1
Double taxation:
A government document that gives permission to create a corporation earnings
The taxing of stockholders dividends as corporate profit and again as personal income
A business owned and run by one person
An amount of borrowed money
Chapter 3 Section 2
Merger:
The sum of net income and non-cash charges such as depreciation
The kind of merger in which two or more firms that produce the same kind of product join forces
A report showing a business's sales, expenses, and profits
A combination of two or more businesses to from a single firm
Chapter 3 Section 2
Income Statement:
A report showing a business's sales, expenses, and profits
Revenues minus expenses and taxes
The sum of net income and non-cash charges such as depreciation
A firm that has at least four businesses, each making unrelated products, none of which is responsible for the majority of the firm’s sales
Chapter 3 Section 2
Net Income:
The kind of merger in which firms involved in different steps of manufacturing or marketing join together
A corporation that has manufacturing or service operations in a number of different countries
Revenues minus expenses and taxes
The sum of net income and non-cash charges such as depreciation
Chapter 3 Section 2
Depreciation:
The kind of merger in which firms involved in different steps of manufacturing or marketing join together
A non-cash charge the firm tales for the general wear and tear on its capital goods
A corporation that has manufacturing or service operations in a number of different countries
The kind of merger in which two or more firms that produce the same kind of product join forces
Chapter 3 Section 2
Cash Flow:
The sum of net income and non-cash charges such as depreciation
A report showing a business's sales, expenses, and profits
The kind of merger in which two or more firms that produce the same kind of product join forces
A combination of two or more businesses to from a single firm
Chapter 3 Section 2
Horizontal Merger:
The sum of net income and non-cash charges such as depreciation
Revenues minus expenses and taxes
A firm that has at least four businesses, each making unrelated products, none of which is responsible for the majority of the firm’s sales
The kind of merger in which two or more firms that produce the same kind of product join forces
Chapter 3 Section 2
Vertical Merger:
The kind of merger in which two or more firms that produce the same kind of product join forces
The kind of merger in which firms involved in different steps of manufacturing or marketing join together
A non-cash charge the firm tales for the general wear and tear on its capital goods
A corporation that has manufacturing or service operations in a number of different countries
Chapter 3 Section 2
Conglomerate:
A firm that has at least four businesses, each making unrelated products, none of which is responsible for the majority of the firm’s sales
The kind of merger in which two or more firms that produce the same kind of product join forces
A non-cash charge the firm tales for the general wear and tear on its capital goods
A report showing a business's sales, expenses, and profits
Chapter 3 Section 2
Multinational:
A firm that has at least four businesses, each making unrelated products, none of which is responsible for the majority of the firm’s sales
A combination of two or more businesses to from a single firm
A report showing a business's sales, expenses, and profits
A corporation that has manufacturing or service operations in a number of different countries
Chapter 3 Section 3
nonprofit organization:
A voluntary association of people formed to carry on some kind of economic activity that will benefit its members
An organization that operates in a businesslike way to promote the collective interests of its members rather than to seek financial gain for its owners
An organization of workers formed to represent its members’ interests in various employment matters
A financial organization that accepts deposits from, and makes loans to, employees from a particular company or government agency
Chapter 3 Section 3
cooperative/co-op :
A voluntary association of people formed to carry on some kind of economic activity that will benefit its members
An organization that promotes the welfare of its members and the community
A financial organization that accepts deposits from, and makes loans to, employees from a particular company or government agency
An organization of workers formed to represent its members’ interests in various employment matters
Chapter 3 Section 3
credit union:
An organization that promotes the welfare of its members and the community
Investor- or municipal-owned company that offers an important product, such as water or electricity, to the public
A financial organization that accepts deposits from, and makes loans to, employees from a particular company or government agency
Union negotiations with management over issues such as pay, working hours, health care coverage, and other job-related matters
Chapter 3 Section 3
labor union:
A nonprofit organization sponsored by local businesses to provide general information on companies
An organization of workers formed to represent its members’ interests in various employment matters
A group of people in a specialized occupation that works to improve the working conditions, skill levels, and public perceptions of the profession
Investor- or municipal-owned company that offers an important product, such as water or electricity, to the public
