Economic Bingo Chapter 1 Scarcity. Bingo Terms Scarcity*Scarcity Producer*Entrepreneur Economist*Natural Resource Capital Resource*Consumer Division of.

Economic BingoEconomic Bingo

Chapter 1 Chapter 1 ScarcityScarcity

Bingo TermsBingo TermsScarcityScarcity *Scarcity*Scarcity

ProducerProducer *Entrepreneur*Entrepreneur

EconomistEconomist *Natural Resource*Natural Resource

Capital ResourceCapital Resource *Consumer*Consumer

Division of Labor Division of Labor *Need*Need

Self-Sufficient Self-Sufficient *Barter*Barter *Productivity*Productivity

InterdependenceInterdependence *Goods *Goods *Services*Services

Production Possibilities Curve *WantProduction Possibilities Curve *Want

Opportunity CostsOpportunity Costs *Money *Money

MacroeconomicsMacroeconomics *Credit *Credit

MicroeconomicsMicroeconomics *Utility *Utility

Land, Labor, Capital, EntrepreneurshipLand, Labor, Capital, Entrepreneurship

A person who attempts to A person who attempts to start a new business.start a new business.

Who is a person who Who is a person who purchases goods and purchases goods and

services?services?

Economics is the study of Economics is the study of dealing with what?dealing with what?

What is the term for a What is the term for a products usefulness?products usefulness?

Use as a standardized Use as a standardized basis of exchange.basis of exchange.

Allows consumers to pay Allows consumers to pay for an item over time.for an item over time.

What is the value of the What is the value of the next best alternative given next best alternative given

up to obtain a particular up to obtain a particular item.item.

Who is a person that Who is a person that studies economic studies economic

choices?choices?

The study of individual The study of individual markets is also known as?markets is also known as?

If a person satisfies their If a person satisfies their own needs and wants own needs and wants

without outside without outside assistance, they may be?assistance, they may be?

What are the four factors What are the four factors of production?of production?

What is used to analyze What is used to analyze trade-offs and opportunity trade-offs and opportunity costs in producing specific costs in producing specific

combinations of goods.combinations of goods.

What is an action or What is an action or activity done for others for activity done for others for

a fee called?a fee called?

What a physical product is What a physical product is known as?known as?

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

level of input?level of input?

A manufactured item such A manufactured item such as machinery, that is used as machinery, that is used

to produce goods and to produce goods and services.services.

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

and services.and services.

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

effectively?effectively?

Who is a person who Who is a person who supplies goods and supplies goods and

services?services?

What is the reliance What is the reliance among economic actors among economic actors

known as?known as?

A situation in which each A situation in which each individual worker is individual worker is

assigned a small number assigned a small number of tasks.of tasks.

A term that refers to A term that refers to anything that is necessary anything that is necessary

for survival.for survival.

What is the study of entire What is the study of entire economies called?economies called?

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

for survival.for survival.

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

as?as?