Mr.
Weiss
Unit 1 Vocabulary Words
1. scarcity; 2. economics; 3. factors of production; 4. entrepreneurship;
_____ basic economic problem that results from a combination of limited
resources and unlimited wants;
_____the study of how people make choices about ways to use limited
resources to fulfill their wants;
____resources of land, labor, capital and entrepreneurship used to
produce goods and services;
_____when individuals take risks to develop new products and start new
businesses in order to make profits;
Mr.
Weiss
Unit 1 Vocabulary Words
1. scarcity; 2. economics; 3. factors of production; 4. entrepreneurship;
__1__ basic economic problem that results from a combination of limited
resources and unlimited wants;
__2__the study of how people make choices about ways to use limited
resources to fulfill their wants;
__3_resources of land, labor, capital and entrepreneurship used to
produce goods and services;
__4__when individuals take risks to develop new products and start new
businesses in order to make profits;
Mr.
Weiss
Unit 1 Vocabulary Words
1. productivity; 2. trade-off; 3. opportunity cost; 4. production
possibilities curve;
_____graph showing the maximum combinations of goods and services
that can be produced from a fixed amount of resources in a given period
of time;
_____the value of the next best alternative given up for the alternative
that was chosen;
_____sacrificing one good or service to purchase or produce another;
_____the amount of output (goods and services) that results from a given
level of inputs (land, labor, capital, and entrepreneurship);
Mr.
Weiss
Unit 1 Vocabulary Words
1. productivity; 2. trade-off; 3. opportunity cost; 4. production
possibilities curve;
__4__graph showing the maximum combinations of goods and services
that can be produced from a fixed amount of resources in a given period
of time;
__3__the value of the next best alternative given up for the alternative
that was chosen;
__2__sacrificing one good or service to purchase or produce another;
__1__the amount of output (goods and services) that results from a given
level of inputs (land, labor, capital, and entrepreneurship);
Mr.
Weiss
Unit 1 Vocabulary Words
1. economic model; 2. theory; 3. economic system; 4. market economy;
_____a model that explains observations;
_____system in which individuals own the factors of production and make
economic decisions through free interaction while looking out for their
own and their families’ best interests.
_____a theory or simplified representation that helps explain and predict
economic behavior in the real world;
_____way in which a nation uses its resources to satisfy its people’s
needs and wants.
Mr.
Weiss
Unit 1 Vocabulary Words
1. economic model; 2. theory; 3. economic system; 4. market economy;
__2__a model that explains observations;
__4__system in which individuals own the factors of production and make
economic decisions through free interaction while looking out for their
own and their families’ best interests.
__1__a theory or simplified representation that helps explain and predict
economic behavior in the real world;
__3__way in which a nation uses its resources to satisfy its people’s
needs and wants.
Mr.
Weiss
Unit 1 Vocabulary Words
1. alternative; 2. mixed economy; 3. capitalism; 4. profit incentive;
_____something else to be chosen;
_____desire to make money that motivates people to produce and sell
goods and services;
_____system combining characteristics of more than one type of
economy;
_____economic system in which private individuals own the factors of
production;
Mr.
Weiss
Unit 1 Vocabulary Words
1. alternative; 2. mixed economy; 3. capitalism; 4. profit incentive;
__1__something else to be chosen;
__4__desire to make money that motivates people to produce and sell
goods and services;
__2__system combining characteristics of more than one type of
economy;
__3__economic system in which private individuals own the factors of
production;
Mr.
Weiss
Unit 1 Vocabulary Words
1.economic efficiency; 2. economic growth; 3. democratic socialism; 4.
regulate;
_____to control according to a rule or principle;
_____expansion of the economy to produce more goods, jobs and
wealth;
_____wise use of available resources so as to obtain the greatest benefits
possible;
_____system that works within the constitutional framework of a nation to
elect socialists to office; the government usually controls only some
areas of the economy;
Mr.
Weiss
Unit 1 Vocabulary Words
1.economic efficiency; 2. economic growth; 3. democratic socialism; 4.
regulate;
__4__to control according to a rule or principle;
__2__expansion of the economy to produce more goods, jobs and
wealth;
__1__wise use of available resources so as to obtain the greatest benefits
possible;
__3__system that works within the constitutional framework of a nation to
elect socialists to office; the government usually controls only some
areas of the economy;
Mr.
Weiss
Unit 1 Vocabulary Words
1. hypothesis; 2. land; 3. labor; 4. capital;
_____an assumption involving two or more variables that must be tested
for validity.
_____previously manufactured goods used to make other goods and
services.
_____natural resources and surface land and water.
_____human effort directed toward producing goods and services.
Mr.
Weiss
Unit 1 Vocabulary Words
1. hypothesis; 2. land; 3. labor; 4. capital;
__1__an assumption involving two or more variables that must be tested
for validity.
__4__previously manufactured goods used to make other goods and
services.
__2__natural resources and surface land and water.
__3__human effort directed toward producing goods and services.
Mr.
Weiss
Unit 1 Vocabulary Words
1. circular flow of income and output; 2. laissez-faire; 3. free-enterprise
system; 4. competition;
_____rivalry among producers or sellers of similar goods and services to
win more business.
_____economic system in which individuals own the factors of
production and decide how to use them within legal limits; same as
capitalism.
_____economic model that pictures income as flowing continuously
between businesses and consumers.
_____economic system in which the government minimizes its
interference with the economy.
Mr.
Weiss
Unit 1 Vocabulary Words
1. circular flow of income and output; 2. laissez-faire; 3. free-enterprise
system; 4. competition;
__4__rivalry among producers or sellers of similar goods and services to
win more business.
__3__economic system in which individuals own the factors of
production and decide how to use them within legal limits; same as
capitalism.
__1__economic model that pictures income as flowing continuously
between businesses and consumers.
__2__economic system in which the government minimizes its
interference with the economy.
Mr.
Weiss
Unit 1 Vocabulary Words
1. Economic equity; 2. standard of living; 3. socialism; 4. authoritarian
socialism;
_____the attempt to balance an economic policy so that everyone
benefits fairly.
_____system that supports revolution as a means to overthrow
capitalism and bring about socialist goals; the entire economy is
controlled by a central government; also called communism.
_____the material well being of an individual, group, or nation, measured
by how well their necessities and luxuries are satisfied.
_____a system in which the government owns the major factors of
production and attempts to manage output and the distribution of goods.
Mr.
Weiss
Unit 1 Vocabulary Words
1. Economic equity; 2. standard of living; 3. socialism; 4. authoritarian
socialism;
__1__the attempt to balance an economic policy so that everyone
benefits fairly.
__4__system that supports revolution as a means to overthrow
capitalism and bring about socialist goals; the entire economy is
controlled by a central government; also called communism.
__2__the material well being of an individual, group, or nation, measured
by how well their necessities and luxuries are satisfied.
__3__a system in which the government owns the major factors of
production and attempts to manage output and the distribution of goods.
Mr.
Weiss
Unit 1 Vocabulary Words
1. private property; 2. traditional economy; 3. command economy;
4. microeconomics;
_____system in which economic decisions are based on customs and
beliefs that have been handed down from generation to generation.
_____system in which the government controls the factors of production
and makes all decisions about their use.
_____whatever is owned by individuals rather than by the government.
_____the branch of economic theory that deals with behavior and
decision making by small units such as individuals and firms.
Mr.
Weiss
Unit 1 Vocabulary Words
1. private property; 2. traditional economy; 3. command economy;
4. microeconomics;
__2__system in which economic decisions are based on customs and
beliefs that have been handed down from generation to generation.
__3__system in which the government controls the factors of production
and makes all decisions about their use.
__1__whatever is owned by individuals rather than by the government.
__4__the branch of economic theory that deals with behavior and
decision making by small units such as individuals and firms.
Mr.
Weiss
Unit 1 Vocabulary Words
1. macroeconomics; 2. goods; 3. services; 4. incentive;
_____the branch of economic theory dealing with the economy as a
whole and decision making by large units such as governments.
_____tangible objects that can satisfy people’s wants or needs.
_____actions that can satisfy people’s wants or needs.
_____stimulus; motive.
Mr.
Weiss
Unit 1 Vocabulary Words
1. macroeconomics; 2. goods; 3. services; 4. incentive;
__1__the branch of economic theory dealing with the economy as a
whole and decision making by large units such as governments.
__2__tangible objects that can satisfy people’s wants or needs.
__3__actions that can satisfy people’s wants or needs.
__4__stimulus; motive.