2, 3, 5, 12, 14; II. Key Terms and Concepts Directions: Match the terms with the descriptions. Scarcity (pg. 1) 2)The most fundamental economic problem is A)security. B. Scarcity always exists 3. C 3. NGSSS Chapter Chapter 1 • Section 1 Focus on the Basics Students need to come away with the following understandings: FACTS: • Scarcity is the constant condition in which only limited amounts of goods and services are available to meet unlimited needs and wants. 3. BUSINESS ECONOMICS MIDTERM_MUHAMMAD YUSUF MUSA 1 The Answers of Chapter 1 Questions 1. Government Dilemma. 3-18) Define the following terms. Quick Recap – Ch. Needs. Multiple Choice 1. 2. Everyone acts rationally by … Physical capital is an important factor of production ... What are “guns or butter” decisions? D II. D 2. Society’s wants are unlimited, but ALL resources are limited (scarcity). There will be an exam on Unit 1 on the second day of school. ANSWER KEY - HOMEWORK#1 I. maggiesutton9205. Economics is the study of how people A. calculate their income tax. D 6. Everyone’s goal is to make choices that maximize their satisfaction. Economics-Unit 1 Summer Assignment . The United States, by appropriating more resources to defense than does Western ... c. Constant at 1/2 lbs. 1 & 2 Test The test will be on Monday 2/12. Explain the role of scarcity in answering the basic economic questions of what, how, how much, and for whom to produce. A government must decide whether to produce more or less military or consumer goods. Due to scarcity, choices must be made. Chapter 1Scarcity and the Factors of Production. 50 60 when consumers want more of an item than producers will offer at a particular price Section 1: Guided Reading and Review Scarcity and the Factors of Production Guided Reading and Review Chapter 1 17 A. complete sentences. Section 1 . Learn vocabulary, terms, and more with flashcards, games, and other study tools. ... Economics chapter 2 section 1 15 Terms. Origin and Use . (c) A shortage is a lack of all goods and services; a scarcity … The company you manage has already invested $400,000 in developing a new product, but the development is not quite finished. Guns or Butter? Key Terms. 2. Explain the difference between goods and services. 4 Chapter 1 Section 2: Guided Reading and Review Supply in the space provided and explanation an economist might give showing why each statement is true. (pg. 7. Search. 1. In the chart, the red curve represents all possible choices of production for the economy. 4)-2. It will cover material from Chapter 1, section 1 – 2 and all of Chapter 2. 9. As You Read As you read Section 1, supply in the space provided an explanation an economist might give showing why each statement is true. Analytical Problems 1. B 9. Section 1: Guided Reading and Review Scarcity and the Factors of Production A. 5. Another way of describing this condition is to state that scarcity exists when resources are available in very limited amounts. At a recent meeting, your salesperson reports that the introduction of competing products has reduced the expected sales of your new product to $250,000. C: In any given case when the good is known, men will seek it. Physical capital is an important factor of production 4. Answer Key UNIT S D1 D P QUANTITY P R I C E ... the economic problem of scarcity.” False. 2) 3)Economics is best defined as the study of how people, businesses, governments, and societies A)make choices to cope with scarcity. 1. What is the difference between a shortage and scarcity? Reviewing Key Terms Answer each of the following questions. People with $1 million cannot spend more than $1 mil-lion. Chapter 1. b. communism. Explain the nature of scarcity and show its relationship to economics. Question 3 1 / 1 pts What does a production possibilities curve show? 1 Scarcity and the Factors ofProduction SECTION A. Bookmark File PDF Chapter 1 Section 2 Guided Reading Answer Key ... 1. As You Read As you read Section 1, supply in the space provided an explanation an economist might give showing why each statement is true. Choice. 2. • Capital Any human-made resource that is used to create other goods and services. 1. C 5. Scarcity … Multiple . Understanding the Guns-and-Butter Curve . 1. For society, a good is not scarce if a. at least one individual in society can obtain all he or she wants of the good. (10 points each) ____ 1. Write the letter of the correct answer in the blank provided, Not all of the choices will be used. Working Definition of Economics. 7301 East Brown Road; Mesa, Arizona 85207-3803; Phone (480) 472-8000 ANSWER: a. scarcity. Exam #1 – Answer Key. your answers in the space provided. d. those who have enough income can buy all they want of the good. – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 53d167-MWM3Y Statement Explanation 1. The answer can be found in Chapter 1, Section 1.2, Scarcity: Limited Resources but Unlimited Wants. People must make choices to satisfy their needs and wants. People must make choices to satisfy their needs and wants. Chapter 1 Section Main Menu • Every country has limited resources and must make decisions between producing more guns •Guns Vs. Wants vs. Everyone acts in their own “self-interest.” 4. 1.1 Scarcity and the Science of Economics Bell work:On a separate sheet of Paper, define chapter one, section one vocabulary in your Economics Textbook. B. choose from limited resources to meet their needs. Chapter 1 Section 2. You may use a 3x5 card for notes (both sides). 2 I. 2. CHAPTER ONE OVERVIEW Chapter 1, Section 1: The Basic Problem in Economics Wants, Needs, & Choices The Problem of Scarcity Factors of Production Chapter 1, Section 2: Trade-Offs Trade-Offs Production Possibilities Curve Chapter 1, Section 3: Economic Models Schools of Economic Thought • Labor Any effort a person devotes to a task for which that person is paid. P: The good, according to Plato, is that which furthers a person's real interests. 2. Chapter 1: What us Economics? Scarcity always exists. Identify the letter of the choice that best completes the statement or answers the question. Every choice has a cost (a trade-off). 1 Section 1. Start studying Economics Chapter 1 Section 1 & 2. Guns or Butter. Scarcity is a condition that exists when resources are limited relative to the demand for their use. TYPE: M SECTION: 1 DIFFICULTY: 1 12. In this lesson, students will be able to define the. Key Terms •trade-off: the alternatives that we give up when we choose one course of action over another •“guns or butter”: a phrase expressing the idea that a country that decides to produce more military goods (“guns”) has fewer resources to produce consumer goods (“butter”) and vice versa ECON 500 – Spring 2004. (b) A shortage results from rising prices; a scarcity results from falling prices. Write the letter of the correct answer in the blank provided, Not all of the choices will be used, 1. c. externalities. C)health. Section 1 Scarcity and the Science of Economics * I. IDENTIFYING MAIN IDEAS Write the letter of the correct answer in the blank provided. The term guns and butter has been linked throughout history to the challenges of war and the negotiations on defense spending. C 10. Thinking at the Margin. What are “guns or butter” decisions? b. firms are producing at full capacity. Butter Trade-off •or more butter •Guns represent military goods and services.Butter represents all consumer goods and services. Chapter 1 Section Main Menu The Factors of Production • Land All natural resources that are used to produce goods and services. a. 2. 14-18) 5. trade-off: the alternatives that we give up when we choose one course of action over another “guns or butter”: a phrase expressing the idea that a country that decides to produce more military goods (“guns”) has fewer resources to produce consumer goods (“butter”) and vice versa In what way are trade-offs and opportunity costs alike? Print this document and . 10. following key concepts: Scarcity. 8. Economics. ... Chapter 1 Guided Reading Section 1: Scarcity and the Factors of Production A. People must make choices to satisfy their needs and wants. Entrepreneur. Its uses have varied from guns and butter, guns … ____1.Any resources that are made by humans and used to create other goods and services are called ____2.An example of a shortage is limited amounts of ____3.The resources used to make all goods and services are the ... guns & butter. Statement 1. In your notes, you should have the following items. The black dots represent two … C 8. Opportunity Costs . B)the fact the United States buys more goods from foreigners than we sell to foreigners. Guns, bullets, bread, and butter can be produced even under conditions of high unemployment. C 7. Guns or butter (pg. Economics Ch. Economics chapter 2 section 2 8 Terms. 6. when consumers want more of … Scarcity - Find three things in our society that are scarce, and explain why scarcity applies to each item. Economics Chapter 1: What is Economics? handwrite. 9)-3. Even if people had all the money they could use, time to use it would be scarce. 7-13): I. ... Chapter 1 Section Review: What is Economics? Highlight these terms now. Key Terms and Concepts Directions: Match the terms with the descriptions. How does an opportunity cost differ from a trade-off? The economic concept of guns or butter means that . Trade-Offs. Scarcity. 2. Trade-Offs. According to the Production possibilities curve above, if you produced 16 units of Butter you could produce _____ units of Guns. Item Why? B 4. the most used example for production possibilities. Chapter 1 What is Economics? B)attain wealth. Opportunity cost (pg. 2. 3. Chapters 1-2 & 4-6 Duke Unit I “The Principles of Economics” Chapter 1 Explain the difference between a need and a want. D)scarcity. Chapter 1- What is Economics (pg. 3. Scarcity … A. 1. How does thinking at the margin change the decision-making process? Answer Key to Practice Problems From Hurley’s A Concise Introduction to Logic: Chapter 1, section 1.1 Exercise 1.1 (pp. c. all members of society can have all they want of it. 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