Chapter 1 Intro to Econ | Baamboozle - Baamboozle

The study of economic behavior as a whole concerning large-scale economic activity

Macroeconomics

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This statement that “Figures on unemployment show that it dropped slightly from 8.3% to 8.1%” is a

Positive economics statement

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When you economize based on what you perceive as the best combination of cost an you are most influenced byd benefits

Incentives and utility

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A situation that exists when there are not enough resources to meet human wants or needs

Scarcity

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Why is economics considered a “dismal science"?

Because makes predictions about the future.

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The value of something that is given up by choosing one alternative over another. This is the term for the next best alternative use of your time or money

Opportunity cost

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Which factor of production includes all the time effort and talent used to produce goods and services?

Labor

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Why do economists interpret economic statistics & data to foresee the direction of economic growth?

to discover trends connections and relationships.

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Economic term that describe risk takers that start or invest in business ideas that aim to create products services or innovations to gain a profit

Entrepreneurs

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The alternative that you give up when you make an economic choice

Opportunity cost

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This is the study of how individuals and societies satisfy unlimited wants with limited resources that nature and previous generations created

Economics

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Production of goods and services require land capital labor and entrepreneurship, they are called

Factors of production

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