Scarcity correct answers The resources we use to produce goods and services are limited.
Economics correct answers The study of choices when there is scarcity.
Factors of Production correct answers The resources used to produce goods and services; also known as production inputs or resources
...
Economics Vocabulary(All Accurately solved)
Scarcity correct answers The resources we use to produce goods and services are limited.
Economics correct answers The study of choices when there is scarcity.
Factors of Production correct answers The resources used to produce goods and services; also known as
production inputs or resources
Natural Resources correct answers Resources provided by nature and used to produce goods and services.
Labor correct answers Human effort, including both physical and mental effort, used to produce goods
and services.
Physical Capital correct answers The stock of equipment, machines, structures, and infrastructure that if
used to produce goods and services.
Human Capital correct answers The knowledge and skills acquired by a worker through education and
experience and used to produce goods and services.
Entrepreneurship correct answers The effort used to coordinate the factors of production--natural
resources, labor, physical capital, and human capital--to produce and sell products.
Positive Analysis correct answers Answers the question "What is?" or "What will be?"
Normative Analysis correct answers Answers the question "What ought to be?"
Economic Model correct answers A simplified representation of an economic environment, often
employing a graph.
Variable correct answers A measure of something that can take on different values.
Ceteris Paribus correct answers The Latin expression meaning that the other variables are held fixed.
, Marginal Change correct answers A small, one-unit change in value.
Macroeconomics correct answers The study of the nation's economy as a whole; focuses on the issues of
inflation,umemployment, and economic growth.
Microeconomics correct answers The study of choices made by households, firms, and government and
how these choices affect the markets for goods and services.
Positive Relationship correct answers A relationship in which two variables move in the same direction.
Negative Relationship correct answers A relationship in which two variables move in the opposite
direction.
Slope of a Curve correct answers The vertical difference between the two points (the rise) divided by the
horizontal difference (the run).
Opportunity Cost correct answers What you sacrifice to get something.
Production Possibilities Curve correct answers A curve that shows the possible combinations of products
that an economy can produce, given that its productive resources are fully employed and efficiently used.
Marginal Benefit correct answers The additional benefit resulting from a small increase in some activity.
Marginal Cost correct answers The additional cost resulting from small increase in some activity.
Nominal Value correct answers The face value of an amount of money.
Real Value correct answers The value of an amount of money in terms of what it can buy.
Comparitive Advantage correct answers The ability of one person or nation to produce a good at a lower
opportunity cost than another person or nation.
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