Term
| What does TINSTAAFL stand for? |
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Definition
| There Is No Such Thing As A Free Lunch |
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Term
| Decribe the TINSTAAFL concept. |
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Definition
| one of the keys to understanding the fundamental economic problem. |
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Term
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Definition
| the condition that arises because society does not have enough resources to produce all the things people would like to have. |
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Term
| Describe how a shortage of money does not cause scarcity. |
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Definition
If everyone were to become wealthy, nobody would want to work creating no one to fill in jobs needed. most people would go without what they want or need. |
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Term
| List the money factors of production |
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Definition
| land, capital, labor and entrepreneurship |
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Term
| What do the factors of production provide? |
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Definition
| they procide the means for a society to produce and dstribute its goods and services. |
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Term
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Definition
| the "gifts of nature" or natural resources not created by human effort. |
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Term
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Definition
| deserts, fertile fields, forests, minral deposits, cattle, whales, sunshine, and climate necessary to grow crops. |
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Term
| how do economists think of land in terms of supply? |
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Definition
| because only so many natural resources are available at any given time. |
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Term
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Definition
| the tools, equipment, and factories used in the production of goods and services |
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Term
| list and describe the two types of capital |
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Definition
Capital Goods- built in a factor, however, which makes it the result of earlier production. Financial Capital- the money used to buy the tools and equipment used in production
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Term
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Definition
| people with all their efforts, abilities, and skills. |
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Term
| who is not included in labor? |
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Definition
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Term
| what factors affect our labor pool? |
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Definition
population growth immigration famine war disease |
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Term
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Definition
| a risk-taker in search of profits |
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Term
| why are entrepreneurs considered the driving force in the U.S economy? |
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Definition
| they exhibit a knack for starting a new business or bringing new products to market |
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Term
| What are the three basic economic questions a society must answer |
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Definition
what to produce how to produce for whom to produce |
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Term
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Definition
| the study of human efforts to satisfy what appear to be unlimited and competing wants through the careful use of relatively scarce resources. |
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Term
| how does economics relate to the Social Sciences? |
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Definition
| it deals with the behavior of people as they cope with the fundamental problem of scarcity. |
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