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* What is used to measure economic growth ?- Gross Domestic Product

* What is used to measure economic growth ?- Gross Domestic Product * What are the three basic economic questions ? What to produce, how to produce, for whom to produce * Author of Wealth of Nations – Adam Smith

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* What is used to measure economic growth ?- Gross Domestic Product

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  1. * What is used to measure economic growth?-Gross Domestic Product • * What are the three basic economic questions? What to produce, how to produce, for whom to produce • * Author of Wealth of Nations – Adam Smith • * Where a business would buy goods to produce other goods – Factor Market • * What is another term for land, labor & capital? – Factors of Production • * I chose the candy, but I could have chosen the cake or the vanilla ice cream. I don’t like vanilla ice cream. What is my opportunity cost? - Cake • * When I get the most use out of something – Utility Maximization • * In a business, what is a machine used to make nails considered – Capital • * Utility means that something must be…- Useful of give someone satisfaction • * When we put more value on something like gold than we do on a real life necessity like water, this is called… - Paradox of Value • * The study of markets is a simple definition for what? - Economics • * The fact that we do not have enough resources for all that we want is called…- Scarcity • * Where individuals go to buy products – Product Market • * Because of scarcity, you have to make choices. Those choices are called what? – Opportunity Cost • * What are three things that make something valuable? – must have utility, must provide satisfaction, must be scarce.

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