Economics Review Chapter 1 Â Â Â Â Â Â Â Â Reviewing key terms 1) Â Â Â Â Â Â Â Â Economic products knowing to satisfy peoples pauperisms and needs are called consumer goods.
2) Â Â Â Â Â Â Â Â The value of a CD player can be expressed in dollars and cents.
3) Â Â Â Â Â Â Â Â Haircuts, repairs to dwelling appliances, and entertainment are examples of services.
4) Â Â Â Â Â Â Â Â Scarcity arises beca workout rules of order does not withstand enough resources to produce all the genial functions people sine qua non or need.
5) Â Â Â Â Â Â Â Â The opportunity cost of going to a football lame instead of working would include the money not get at your job.
6) Â Â Â Â Â Â Â Â Human Capital is the sum of skills, abilities, health, and motivation of people.
7) Â Â Â Â Â Â Â Â utility-grade is another name for the capacity of a product to be useful.
8) Â Â Â Â Â Â Â Â The only factors of merchandise that are themselves the result of earlier production are capital goods.
9) Â Â Â Â Â Â Â Â Land, labor, entrepreneurship, and capital are factors of production.
10) Â Â Â Â Â Â Â Â People who use goods and services to satisfy their wants and needs are called consumers.
Reviewing the Facts         -section 1 1)         exempt why economists say there is no such thing as a free lunch? They say that because if theyre talent it to for free that probably means there going to provide prices or somehow charge more to make up for the free lunch.
2) Â Â Â Â Â Â Â Â Identify the cause of scarcity.
The cause is because society doesnt have enough resources to produce all the things people want or need.
3) Â Â Â Â Â Â Â Â List the basic economic questions each society faces.
What to produce, how to produce , and for whom to produce.
4) Â Â Â Â Â Â Â Â Explain why economics is considered a social science.
Because it deals with the behavior of people as they cope with the fundamental         conundrum of society.
-Section 2 5) Â Â Â Â Â Â Â Â Explain the meaning of a trade off.
Its essentially and alternative choice, or another option that you have.
6) Â Â Â Â Â Â Â Â Describe the nature...
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