Economic Activity in Context - Chapter 1
_____ is the study of how people manage their resources to meet their needs and enhance their well- being.
The sub field of economics that focuses on the economy as a whole is called _____.
______ is the subfield of economics that focuses on activities that take place within and among the major economic actors and organizations of a society.
A good quality of life is commonly called _____.
Economic statements that can be proven to be right or wrong are called ________ economic statements.
Economic statements that reflect a belief of how things should be are called ______ economic statements.
A _____ goal does not need any further justification it is an end in itself.
The net value of all material and financial assets owned by an individual is called _____.
Property owned by an individual or organization are called _____.
The use of resources or inputs, such that they yield the highest possible value of output or the production for a given level of output using the lowest possible value of inputs is called _____ _____.
An individual or organization involved in the economic activities of resource maintenance or the production, distribution, or consumption of goods and services is called an ______ _______.
A _____ is an unintended consequence or side- effect of economic activity that affects those not directly involved in the transaction.
A harmful side- effect or unintended consequence of economic activity that adversely affects those not involved in the economic activity is a _____ externality.
A beneficial side- effect or unintended consequence of economic activity that accrues to those not involved in the economic activity is a _____ externality.
The economic activity of _____ _______ refers to the preservation or improvement of resources that contribute to the enhancement of well- being.
________ is the conversion of resources into goods and services.
______ are the resources that go into proeuction.
_____ are the results of the production process.
Resources that can not be used for consumption or in a further production process are called _____ _____.
______ refers to the allocation of products and resouces among economic actors.
______ is the trading of one thing for another.
______ is the giving of something with nothing specific expected in return.
Non- monetary transfers that require acceptance in a specific form is called a(n) _______ ______.
In- kind transfer
_______ is the final use of a good or service.
Refraining from consumption during the current period is engaging in ______.
A quantity of any resource that is valued for its potential economic contribution is a(n) _____ _____.
_____ ______ are physical assets provided by nature.
Physical assets generated by applying human productive activities to natural capital are _____ _____.
_____ _____ refers to people's capacity for work and their individual knowledge and skills.
The institutions and the stock of trust, mutual understanding, shared values, and socially held knowledge that facilitates and coordinates economic activity is known as ____ _____.
_____ ____ are the funds of purchasing power available to economic actors.
Actions taken to increase the quantity or quality of a resource over time is called ______.
If resources are plentiful in supply they are called _______.
The concept that resources are not sufficient to accomplish all goals at once is referred to as _____.
The maximum amount of two outputs that can be produced by a society given a set of inputs over a specified period of time is illustrated by the _____ _____ ______.
Production Possibilities Frontier
When you make a decision, the best alternative that is foregone is the ______ _____ of your decision.
The development of new methods of converting inputs into outpus is called _____ ______.