Chapter 1 Vocabulary
Name:
Fill in the parentheses with the letter of the term being described.
a. Allocative
b. Normative
c Voluntary exchange d. Productive
efficiency
Analysis
Efficiency
e. Opportunity Cost f. Macroeconomics g. Positive Analysis
h. Planned economy
i. Economics
j. Trade-off
k. Market economy
l. Positive Slope
m. Negative Slope
n. Scarcity
o. Mixed economy
p. Equity
q. Slope
r. Market
s. Microeconomics
t. Tangent
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
( )The buyer agrees to buy a product the seller is willing to sell.
( ) Economic decisions are made by central planners, as the Communists did.
( )The study of satisfying unlimited wants with limited resources.
( )Producing or consuming one good means consuming or producing less of another.
( ) Concept of economic outcomes being considered fair.
( )Economic branch that looks at the economy as a whole.
( )When production of goods and services meets society’s wants and needs.
( ) The ratio of the change in the vertically graphed variable to the horizontally graphed
variable.
( )Economic branch that looks at economics from the buyer and seller level.
( ) Economic decisions are made by individual buyers and sellers.
( )Statements that make a value judgment.
( )Statements that can be measured.
( )When a line touches another line without intersecting it.
( )A graphed line showing a direct relationship between two variables.
( ) Where buyers and sellers come together to exchange goods and services.
( )A line on a graphs showing an inverse relationship between variables
( ) An economy where free enterprise is combined with government interaction.
( )Using the right tool for the job it was designed or trained to perform.
( )What must be given up to gain one more of another good or service.
( )Not enough available in nature to fill all possible uses for it.