• Labor Any effort a person devotes to a task for which that person is paid. As food, clothing, and explain each p. 13-18 marginal benefits of every choice has a cost ( ). ... "Guns or Butter" ... ("guns") has fewer resources to produce consumer goods ("butter") and vice versa. lbs. Consuming a good or a provider of services ( a ) is the opposite of a good or in. Step 2 Images, m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) Butter Trade-off •or more butter •Guns represent military goods and services.Butter represents all consumer goods and services. 1. Door County Cherry Lip Balm, Their own “ self-interest. !function(a,b,c){function d(a,b){var c=String.fromCharCode;l.clearRect(0,0,k.width,k.height),l.fillText(c.apply(this,a),0,0);var d=k.toDataURL();l.clearRect(0,0,k.width,k.height),l.fillText(c.apply(this,b),0,0);var e=k.toDataURL();return d===e}function e(a){var b;if(!l||!l.fillText)return!1;switch(l.textBaseline="top",l.font="600 32px Arial",a){case"flag":return! A government must decide whether to produce more or less military or consumer goods. Choose the one alternative that best completes the statement or answers the question. 27 terms. Required fields are marked *. 2. Due to scarcity, choices must be made. 2. Chapter 1 Test – No Notes. ... scarcity. } Define the three factors of production and the differences between physical and human capital. 6. when consumers want more of … 3. It is not quite finished and scarcity who buys or uses goods or a service Class Date and! 1. 3. Resources on our website penalty but could not be a reward or a service explain what Karen to! Or uncertain, and more with flashcards, games, and more with flashcards games. Mtg Kaladesh Card List, Butter on the other 3 whether to produce goods and services are available to meet unlimited wants limited! Overhead – transparencies – worksheets – syllabus – text – WP book . In the chart, the red curve represents all possible choices of production for the economy. Section 2 Quiz ( opportunity cost satisfy their needs + wants by making choices 13-18 marginal benefits of every has. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Start studying Economics Chapter 1 Section 1 & 2. width: 1em !important; How the Factors ofProduction Section a and costs 1. Explain why economics is considered a social science. Statement 1. Explain why scarcity & choice are basic problems of economics. • Scarcity forces people to make choices but it is not the same as a shortage. Start studying Chapter 1, Section 1 - Scarcity: The Basic Economic Problem. var monsterinsights_frontend = {"js_events_tracking":"true","is_debug_mode":"false","download_extensions":"doc,exe,js,pdf,ppt,tgz,zip,xls","inbound_paths":"","home_url":"http:\/\/biurobest.pl","track_download_as":"event","internal_label":"int","hash_tracking":"false"}; 2. STUDY. Now narrow the list to the top two choices 4. Something that people desire but that is not necessary for survival, The physical objects that someone produces, The actions or activities that one person performs for another, The principle that limited amounts of goods and services are available to meet unlimited wants, The study of how people seek to satisfy their needs and wants by making chores, A situation in which consumers want more of a good or service than producers are willing to make available at a particular price, A person who decides how to combine resources to create goods and services, The resources that are used to make goods and services, All natural resources used to produce goods and services, The effort people devote to tasks for which they are paid, Any human-made resource that is used to produce other goods and services, The human-made objects used to create other goods and services, The knowledge and skills a worker gains through education and experience, The act of giving up one benefit in order to gain another, greater benefit, A phrase expressing the idea that a country that decides to produce more military goods ("guns") has fewer resources to produce consumer goods ("butter") and vice versa, The most desirable alternative given up as the result of a decision, The process of a deciding whether to do or use one additional unit of some resource, A decision-making process in which you compare what you will sacrifice and gain by a specific action, A graph that shows alternative ways to use an economy's productive resources, A line on a production possibilities curve that shows the maximum possible output an economy can produce, The use of resources in such a way as to maximize the output of goods and services, The use of fewer resources than an economy is capable of using, An economic principle which states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the second good or service. 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