Scarcity is the fundamental economic problem caused by limited resources and unlimited ____________.

Economics examines how individuals and societies allocate __________ resources to fulfill their needs and desires.

Scarlett goes to the grocery store with a limited budget. Because of scarcity, Scarlett must make ________________.

Incentives are ________________ that motivate people to behave in a certain way.

Needs are basic requirements for ________________________.

Which of the following is necessary for a person's basic well-being?

A good must be ______________ and usable to satisfy needs or wants.

A good must be tangible and _______ to satisfy needs or wants.

True or False:

A durable good lasts for at least three years.

Aria is shopping for household items and wants to buy nondurable goods. She learns that a nondurable good lasts fewer than ________________ years.

A consumer good is for ____________________ use.

Darion owns a factory where machines are used to ____________________ other goods and services. What is the purpose of these machines as capital goods?

A service is work performed for ____________________.

The paradox of value: high value on nonessential items vs. low value on ___________ items.

Utility is the ability of a good or service to provide _______________.

Wealth is the sum of all ____________ goods that are scarce, useful, and transferable.

Liam is starting a small coffee shop. He needs to decide WHAT products to bake based on ______________ and limitations.

Grace is managing a bakery and needs to decide how to produce. Her decision is based on available _____________.

Imagine a community where Jack and Diane have produced a variety of goods. The leaders must decide for WHOM to produce. This will be based on how goods are ___________________ among people.

Which of the following best describes what GDP measures in a country's economy each year?

Economics allows us to understand, explain, and ________________ economic decisions.

An example of a natural resource is _________.

An example of human ability and effort is ________.

Tools, machines, and factories are examples of _________.

People who are risk-takers seeking profit by starting a business are called ________.

The PPC shows all possible ___________________ of goods and services that an economy can produce.

Points on the curve represent full __________________ of resources.

David has $10 and can either buy a book or go to the movies. If he chooses to buy the book, the opportunity cost is the __________ best alternative.

PPF stands for ____________.

Trade-offs are ________ that must be given up when choosing another option.

Consumerism protects _______________________.

Which of the following is a right of consumers, along with safety, information, and choice?

If you come across a scam product, you should _____________ it to the authorities.

Noah and Ava are working together to build a cabinet. To finish faster, they decide to divide the work into smaller __________.

Specialization means assigning tasks to those who perform them most ____________.

Luna is studying how different countries rely on each other for ______________________ and resources. What should she write in her report?

TRUE OR FALSE

Countries with less cooperation have more potential for peaceful action.

Cost-Benefit Analysis compares benefits to ____________.

Product markets: where goods and services are bought and sold.

Factor markets: where _____________ resources, such as labor and capital, are bought and sold.

Money that flows to businesses is called _____________.

Four factor payments: rent, wages, ________, profit.

An economic model is a simplified __________ of economic behavior.

Assumptions influence model __________.

Cost-Benefit Analysis compares costs to ________________.

Economics helps people become better ____________ makers.

A free enterprise economy gives businesses the freedom to operate for ________________, with limited government intervention.

What are the four factors of production?

Which of the following is a consumer's responsibility?

Which factor of production refers to human work?

Which factor of production involves risk taking and innovation?

Which of the following best describes what the Production Possibilities Curve illustrates?

TRUE OR FALSE?-Without one factor of production, others can't reach full potential.

What is the definition of opportunity cost?

What does the term 'trade-offs' refer to?

The Production Possibilities Curve shows which of the following?

Which of the following is a consumer right?

Which of the following is a consumer responsibility?

Which is an example of one consumer right?

Division of labor and specialization increases ______ and output.

Division of labor and specialization leads to __________.

The Circular Flow Model shows how money, goods, and resources move among_____________.

Which of the following is NOT listed as a participant in the economy?

Fill in the blank: Economic models are used to ________, explain, and analyze behavior.

True or False?- Economic models help simplify real-world situations.

Standard of living refers to the ___________ of life based on access to goods/services.

Which of the following influences a nation's economic well-being?

Which factor most directly affects a country's standard of living?

A need is something essential for survival, while a want is something desired but not necessary. Which statement best explains the difference between a need and a want?

All societies face scarcity because:

Opportunity cost refers to the value of the next best alternative that is forgone when a choice is made. Which of the following is an example of opportunity cost?

Specialization increases productivity by:

GDP is important because:

An example of a trade-off I recently made is:

On a PPC, a point inside the curve means:

Human capital is valuable to an economy because:

The circular flow shows interdependence by:

Give one example of a business using division of labor.

Economics is considered a 'science' because:

Economic growth can increase inequality because:

If a country has IDLE workers, what impact does this have on its production possibilities?

Cost-benefit analyses help people make decisions by:

Which factor of production includes tools and machinery?

Scarcity means resources are ____________________.

Which market deals with buying and selling labor?

Amazon is an example of a......

The economic problem is that

Choosing to make cars instead of trucks results in______________.

When "wants are greater than the resources available to satisfy them," it is called...

Kyra has the afternoon off from work and has two options: clean the house or go out to lunch, but not both. If she decides to go to lunch, she will need to clean the house over the weekend.

Choosing to spend her weekend cleaning is the ____________.

The factors of production include all of the following EXCEPT:

Which of the following are factors of production?

A company has several machines and workers, but they are not being used in a way that satisfies the company's wants and needs as much as possible. What would this situation be described as?

How is division of labor defined in economics?

On the Production Possibilities curve, why is point "X" not a good outcome for this nation?

True or False?-Efficiency is producing the maximum possible output from available resources.

Goods and services produced in the United States, then sent to other countries in exchange for currency

Goods and services produced in other countries, then brought to the United States in exchange for currency

Currency value of all final goods and services produced within a country’s borders divided by the population

Mutual dependence of the economic activities of one person, company, region, or nation on those of another person, companies, regions, or nations?

Quality of life based on ownership of necessities & luxuries that make life easier?

The sum of people's skills, abilities, health, & motivation is called ______________.

Alternative that must be given up when one choice is made rather than another choice?

Milk is an example of which type of good?

A nation’s wealth is determined by its ________________.

Consumers waiting in long lines for a new product is an example of ___________.

Jose manages a small retail store and is considering launching a weekend sale to boost sales. To decide if holding the sale is worth the cost, the most helpful analysis would be a(n)__________.

​ Computers, ovens, and saws are all ​ ________ resources.

The paradox of value is also known as the ____________.

In the circular flow model, households provide which of the following to firms in the factor market?

Which of the following best describes the flow of money in the circular flow model?

What do businesses supply to the product market in the circular flow model?