Econ Terms Ch 1

Card Set Information

Author:
kickenbugg
ID:
20331
Filename:
Econ Terms Ch 1
Updated:
2010-05-22 20:05:06
Tags:
Economics Exam Review
Folders:

Description:
All the terms from chapter 1 that are on the exam
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user kickenbugg on FreezingBlue Flashcards. What would you like to do?


  1. What is "a meeting place or mechanism that allows buyers and sellers to come together?"
    Market
  2. What is an "alternative that is available whenever a choice is to be made?"
    Trade-off
  3. What is a "fundamental economic problem of meeting people's virtually unlimited wants with scarce resources?"
    Scarcity
  4. What is the "quality of life beased on ownership of necessities and luxuries that make life easier?"
    Standard of living
  5. What is the "ability or capasity of a good or service to be useful and give satisfaction to someone?"
    Utility
  6. What is "work or labor performed for someone?"
    Service
  7. -Basic requirement for survival, including food, clothing, and shelter.-
    Need
  8. -Good intended for final use by consumers rather than businesses-
    consumer good
  9. -Monetary worth of a good or service as determined by the market-
    Value
  10. -tangible economic product that is useful, relatively scarce, and transferable by others-
    good
  11. -Cost of the next best alternative use of money, time, or resources when making a choice-
    oppurtunity cost
  12. -Something we would like to have but is not necessary for survival-
    Want
  13. -Tools, equiptment, and factories used in the production of goods and services-
    Capital goods/Capital
  14. -division of work into a number of seperate tasks to be performed by different workers-
    division of labor
  15. -People with all their efforts, abilities, and skills-
    Labor

What would you like to do?

Home > Flashcards > Print Preview