Chapter 1

What is the fundamental economic problem in any society? [blank_start]Scarcity[blank_end]

Identify factors of production

What does the acronym GDP stand for? [blank_start]Gross Domestic Product[blank_end]

Explain the Difference between needs and wants. [blank_start]need[blank_end] is what is necessary for living. [blank_start]Want[blank_end] is a way to express the need.

GDP measures the amount of goods and services in a country, and it is sometimes divided by the population to see individuals goods within a year.

What is opportunity cost? What [blank_start]value[blank_end] you [blank_start]lose[blank_end] when you choose to perform the [blank_start]alternative[blank_end].

What does the acronym TINSTAFFL stand for? [blank_start]There is no such thing as a free lunch[blank_end]

What government agency issues currency, overseas the money supply and regulates interest rates?

Who is the chairman of the Federal Reserve?

Who is the Secretary of the treasury?

What does it mean for a company to go public? Everyone can [blank_start]buy/sell stocks[blank_end] of the company.

What company owns Youtube?

1.Wealth, whether physical or financial, invested to create more wealth. [blank_start]Capital[blank_end] 2.A network in which buyers and sellers interact to exchange goods and services for money. [blank_start]Market[blank_end] 3.Coins and banknotes issued by a government. [blank_start]Currency[blank_end]

4. A Stock exchange that lists many major industrial stocks [blank_start]Dow Jones Average[blank_end] 5. A person who buys economic goods and services [blank_start]Consumer[blank_end] 6. The performance of any duties or work for another; helpful or professional activity. [blank_start]Services[blank_end]

7. The controlling financial interests of the United States. Physically, it is located in New York City. This term is also used to refer to the financial industry of the U.S. [blank_start]Wall Street[blank_end] 8. The Amount of money one ears. This can be through one's job or through investments. [blank_start]Income[blank_end] 9. Increase in the overall level of prices over an extended period of time. [blank_start]Inflation[blank_end]

10. Anything that anyone needs or wants to obtain [blank_start]Goods[blank_end] 11. Alternative choices when making an economic decision. [blank_start]Trade-offs[blank_end] 12. When a business chooses to invest in projects that make the mos profit and governments evaluate the effectiveness of a service (how much bang for the buck) they are making a _. [blank_start]Cost-benefit Analysis[blank_end]