Part 1 https://quizlet.com/47740996/economics-chapter-1-flash-cards/ 1 What enables society to produce more goods with current resources? Technology 2 A nation's production possibilities curve can shift outward: As a result of specialization and trade.
With an increase in the quality and quantity of resources.
Through the use of improved production techniques. 3 Factories storage, transportation and distribution facilities, as well as tools and machinery are all examples of physical ________ goods. Capital 4 To economists, land includes all ______, or gifts of nature, used in the production process.
Natural Resources 5 The pleasure, satisfaction, or happiness obtained from consuming a good or service is known as (One Word) Utility 6 The need to make choices because economic wants exceed economic means, most likely describes The Economizing Problem 7 _________ is the discipline of economics concerned with individual units such as households, firms and government Macroeconomics 8 The four general categories of economic resources are:
Land, Capital, Labor, and Entrepreneurial Ability. 9 A ____ ____ ____ list the different combinations of two products that can be produced with a specific set of resources, assuming full employment Production Possibilities Table. 10 Due to scarce resources, every individual, whether rich or poor, is faced with an _______ cost when choosing to produce or consume more of one good over another Opportunity. 11 A production possibilities curve "Implies" the attainable combination: of many goods that can be produced given a specific set of resources. 12 Like the physical and life sciences, as well as other social sciences, economics relies on the ______ method. Scientific 13 What would enable increases in production through increases in the quality