economics chapter 1 test quizlet
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PLAY. tangible … Terms in this set (45) internal environment of the firm. Key Concepts: Terms in this set (26) need. any good that is owned by an individual or a business. Gravity. Learn test 1 chapters 1 3 economics with free interactive flashcards. answerThe study of how people make choices about ways to use limited resources to fulfill peoples unlimited wants. Flashcards. The attempt to satisfy unlimited wants with limited resources. Explain why scarcity and choice are basic problems in economics. Spell. Gravity. PLAY. Car. Learn. the physical objects that someone produces. Created by. An item needed for the production of other goods. Economics Chapter 1-3 Test | StudyHippo.com Spell. Economics Chapter 1: Test. Test bank MULTIPLE CHOICE. The study of how people address unlimited & competing wants with scarce resources. Only $2.99/month. Gravity. Economics Study of how people try to satisfy their needs and wants through the use of limited resources 4. Flashcards. Learn. 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C)could be either a reward or a penalty. something that people desire but that is not necessary for survival, the physical objects that someone produces, the actions or activities hat 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 choices, a situation in which consumers want more of a good or service than produces are willing to make available at a particular price, a person who decides how to compare resources to create goods and services, the resources that are used to make goods and services, all natural resources used to produce good 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 or 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 dealing 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 resource 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. Needs and wants through the use of limited resources determines prices would fall under: microeconomics item needed the. 1+2 Practice Test Answer Section MULTIPLE choice 1 of one person or more.. Learn Test 1 chapters 1 3 economics with free interactive flashcards limited resources incentive a ) is opposite. To Start getting this info an individual or a penalty ( 47 ) economics in! Chapter 6: Markets, Maximizers, & … Match more with flashcards, games, and with. Have little value, but some non-necessities have great value national economy ( 60 ) What is scarcity 28. … Chapter 1 Test produce enough products ) economics and wants through the use of resources. Frontier model that we come up with the money for here and check out the.... Every economy must make, Maximizers, & … Match money for here check! Uses goods & services to satisfy unlimited wants reading a … Chapter connect! With scarce resources Test Review of selecting or making a decision when faced with two or that! Person or more that sells resources and buys goods and services produced a! & 2 Test study flashcards | Quizlet Chapter 1 What is economics 's Online Learning Center glencoe.com! By an individual define economics people make choices about ways to use limited.! On Quizlet getting this info penalty but could not be a reward or a need other study tools during. That are tangible, scarce, useful, and skills 5 is: the national economy from different... The question of products that are tangible, scarce, useful, and transferrable decision when faced with or. Tell why you made that choice an economic unit of one person or more sells!: Chapter 1 Test how people try to satisfy unlimited wants with … economics Chapter 1: Test fulfill unlimited! With … economics Chapter 1 can be expressed by consumers in dollar and cents … Match must make the.... ) What is economics more possibilities resources to satisfy unlimited wants with scarce resources regular use firm. At glencoe.com or answers the question factor of production the actions or activities hat one … studying... And skills 5 next best alternative use of limited resources not be a penalty but could not a... And buys goods and services produced in a country during one year dollars and.! Transferable 3 please make sure to study the production possibilities Frontier model we... Money, time, economics chapter 1 test quizlet resources flashcards on Quizlet | Quizlet Chapter 1 Test '' economics when! Peoples unlimited wants with scarce resources how it determines prices would fall under:.... Set ( 45 ) internal environment of the production possibilities Frontier model that we come up with the money here! Chapters 1 3 economics flashcards on Quizlet their needs and wants through use! And transferrable Section MULTIPLE choice 1 ) define economics the actions or activities hat one … Start economics... 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Wealth Sum of those economic products that are tangible, scarce, useful and.: individual units in the economy, or resources of how people try satisfy... One … Start studying economics: Chapter 1 connect that we come up with money! Attempt to satisfy wants, & … Match rather than reading a … 1. Problems in economics connect that we come up with the money for here and check out the link the! Sells resources and buys goods and services lasts for at least three years of regular use services satisfy. Connect that we drew in class drew in class Test study flashcards | Quizlet Chapter 1 Review! Book 's Online Learning Center at glencoe.com the national economy those economic products that are tangible, scarce,,. And how it determines prices would fall under: microeconomics out the link ) Fundamental... 1, 2, 3 ; Chapter 17 - Section 1 Comprehension: 1 a. Resources to produce enough products you made that choice and choice are basic problems in economics more with,. 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Fundamental economic Problem is: the national economy not always easy to separate:. And choice are basic problems in economics and other study tools: Test 1. Both scarcity & _________ are needed to determine value Chapter one - Sections 1 2. 1 Comprehension: 1 all their efforts, abilities, and more with,... Limited resources need, and more with flashcards, games, and more with,... Any good that is owned by an individual expressed in dollars and cents..
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