Economic Bingo Chapter 1 Scarcity

Bingo Terms Scarcity*Scarcity Producer*Entrepreneur Economist*Natural Resource Capital Resource*Consumer Division of Labor *Need Self-Sufficient *Barter*Productivity Interdependence*Goods *Services Production Possibilities Curve *Want Opportunity Costs *Money Macroeconomics *Credit Microeconomics *Utility Land, Labor, Capital, Entrepreneurship

A person who attempts to start a new business.

Who is a person who purchases goods and services?

Economics is the study of dealing with what?

What is the term for a products usefulness?

Use as a standardized basis of exchange.

Allows consumers to pay for an item over time.

What is the value of the next best alternative given up to obtain a particular item.

Who is a person that studies economic choices?

The study of individual markets is also known as?

If a person satisfies their own needs and wants without outside assistance, they may be?

What are the four factors of production?

What is used to analyze trade-offs and opportunity costs in producing specific combinations of goods.

What is an action or activity done for others for a fee called?

What a physical product is known as?

What is the level of output resulting from a given level of input?

A manufactured item such as machinery, that is used to produce goods and services.

A natural item such as farmland, that is used in the production of goods and services.

What forces people to make decisions about how to use resources effectively?

Who is a person who supplies goods and services?

What is the reliance among economic actors known as?

A situation in which each individual worker is assigned a small number of tasks.

A term that refers to anything that is necessary for survival.

What is the study of entire economies called?

A term that refers to anything people consume beyond what is necessary for survival.

What is the process that producers and consumers agree to provide one type of item for another known as?