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 ___________