Chapter 1 Intro to Econ

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

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

A way of describing and explaining the economic world as it exists in the real world

The benefit or satisfaction from using one more unit of a good or service

Why is economics considered a “dismal science"?

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

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

The cost of using one more unit of a good or service

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

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

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

Why should we consider the marginal costs or benefits of our decisions?

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

This statement "Everyone should earn a fair wage so that income can be more equitable” is a

A way of describing and explaining what economic behavior ought to be (value judgement)

Economists create these statistical based simplified representations of complex economic interactions

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

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

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