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