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