This is my first day in Economics, and I have a ton of homework. Please, help me, if I don’t do this, I’m not going to have a good start with the teacher, and he will probably hate me from now on. I forgot my book at school because we got out early due to an ice storm.

1. A product intended for final use by an individual:
2. When factors of production perform only tasks they can do more efficiently than others.
3. Alternative choices
4. A condition that results from society not having enough resources to produce all the things people would like to have
5. The next-best alternative use of money, time, or resources when one choice is made rather than another.
6. Any product that lasts three or more years when used on a regular basis.
7. The capacity to be useful and provide satisfaction
8. An individual risk-taker in search of profits who does something new with existing resources.
9. Factor of production that includes people, with all their efforts, abilities, and skills.
10. The measure of the amount of output produced with a given amount of resources during a specific period of time.
11. An economic product that is performed for someone.
12. An economy in which consumers and privately owned businesses, rather than the government, make the majority of economic decisions.

The next is problems and choices. (Problems first choices below)
(Questions)
_Scarcity
_Consumers
_Markets
_Opportunity Cost
_Production possibilities frontier
_Cost-benefit analysis
_Study of economics
(Choices)
C. Next-best alternative–or trade-off–in a decision
D. They use goods and services to satisfy wants and needs.
E. This is created by people’s seemingly unlimited wants and relatively limited resources.
G. Provides insight as to how incomes are earned and spent, how jobs are created, and how the economy works on a daily basis.
K. These link buyers and sellers in the circular flow of economic activity.
L. A way of thinking about a problem that compares the costs of an action to the benefits received.
N. A model that shows the various combinations of goods and services that can be produced when all resources are fully employed.

(Below is another set of questions and choices to choose from)
(Questions)
_1. Opportunity cost
_2. Production possibilities frontier.
_3. Trade-offs
_4. Free enterprise economy.
_5. Standard of living.
(Choices)
a. alternative choices.
b. where consumers and privately owned businesses answer the three basic economic questions
c. quality of life based on the ownership of the necessities and luxuries that make life easier
d. the cost of the next-best alternative when a choice is made.
e. diagram representing various combinations of goods and services an economy can produce when all resources are fully employed.
f. a tool that can be used to help make an economic decision by identifying alternatives and criteria to evaluate the alternatives.

(New set of questions)
6. Which of the following best describes the relationship between trade-offs and opportunity costs?
a. opportunity costs are incurred when trade-offs are made.
b. opportunity costs are the opposite of trade-offs.
c. trade-offs lower the opportunity costs of an economic decision.
d. trade-offs occur when there are no opportunity costs.

7. Imagine you decide to purchase a soccer ball for $35. Which of the following is an opportunity cost of your decision?
a. the time spent deciding to spend your money
b. something else that could have been bought
c. $35 in cash
d. the time spent making the purchase and the tax paid on the ball

8. The production possibilities frontier
a. indicates the ideal production levels for goods and services
b. cannot expand
c. is not affected by economic growth
d. illustrates the concept of opportunity costs

9. The study of economics helps people to
a. become better decision-makers
b. make wise choices for political candidates
c. understand the free enterprise system
d. all of the above

10. When analyzing economic behavior, it helps to
a. use simple models
b. focus on the benefits rather than the costs
c. take large steps toward the final goal
d. write a thesis

(New set of questions)
(Questions and choices follow below)
(Questions)
1. Scarcity
2. Need
3. Land
4. Capital
5. Gross Domestic Product

(Choices)
a. factor of production that includes natural resources not created by humans
b. a basic requirement for survival
c. dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period
d. condition that results from society not having enough resources to produce all the things that people would like to have
e. factor of production that involves risk takers in search of profits
f. factor of production that includes tools, equipment, machinery, and factories used in the production of goods and services

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Just look for the book online….
its not that hard..

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