Gateway to Economics (Unit #1)
satisfaction
we should want to get the maximum ________ possible out of our limited resources
quantity demanded
when the price of boats goes up, the _______ Goes down
wants
a second way for a society to handle scarcity is to reduce its
ineffective
allocative ______ occurs when we used out limited resources to produce too much or too little
steel horseshoe, car crude oil gasoline, kerosene small cars
allocative efficiency is using limited resources to produce what three things
Scarcity
full employment reduces
required more inform voter and citizen
give two reasons for studying economics
no
in economics does fair mean the same thing as equal
efficiency, efficient, equity, employment
list the four E"s for maximizing satisfaction
produtivity efficiency, allocative efficiency, equity , full employment
name the four ways that societies can used thier existing resources reduced scarcity.
finacial
terms like the stock market, or mutual funds are called -------- investment in an economics class
Jesus
____ bridges the gap between us and God
god
________ placed out sins on Jesus as he died on the cross
Scarcity
________does not mean that only a little of something available
Economics growth
------------- is an increase in the ability to produce goods and services
more
If we have full employment we produce
Resurrection
Jesus -------- means we can have a new life though him
scarcity
The reason why you don't have everything that you want is because of
scarcity
because of _________ we as individuals,and our society as a whole, must make choices
wants
because of unlimited ---------- we can never eliminate scarcity
Resources
by producing at a minimum cost, fewer ________ are used and more can be produced m
choice
economics is really about making
Income, Goods, Services
equity is a fair distribution of _____, or_______ and ___________