Chapter 1 What Economics is About: & Appendix A: Pre-Class & ln-Class Activities Packet NameIID. Numben Section: Date: Part 2A. Matching: Match the Key terms in Column \"A\" with the denitions in Column \"B\" by writing the block letter of your choice under column \"A\" and match the denitions in column \"B\" with the meanings or examples or real world applications or facts or fonnulas in column \"C\" by writing the lower letter case of your choice under column \"\"3. Column \"A" _1. Good _ _2. Utility _ _3. Bad : _4. Disutility _5. Land _ _6. Labor _ _7. Capital _8. Entrepreneurship _ 9. Scarcity _ 10. Economics _ 11. Rationing Device _ 12. Opportunity Cost Column \"B\" A. Anything from which individuals receive utility or satisfaction. B. The satisfaction one receives from a good. C. All natural resources, such as minerals, forests, water, and unimproved land. D. The condition in which our wants are greater than the limited resources available to satisfy those wants. E. The physical and mental talents people contribute to the production process. F. The most highly valued opportunity or next best alternative forfeited (given up] when a choice is made. G. A means for deciding who gets what of available resources and goods. H. The dissatisfaction one receives from a bad. |. Produced goods that can be used as inputs for further production: factories, machinery, tools, computers, & etc. J. The science of scarcity; the science of how b. C. d. e. h. i. individuals and societies deal with the fact that . wants are greater titan the limited resources available to satisfy those wants. K. The talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things. L. Anything from which individuals receive d isulility or dissatisfaction. k. Column \"C\" All man made aids to production that facilitate the production of consumer (finished) goods, It is divided into two: Financial (Money) and Real (in the sense that it is directly used in the production process as opposed to money used to buy real capital goods like machinery, equipment, tools, tractors, combiners, warehouse 8: etc) . Tangible things that you can see, touch or feel that has the quality of satisfying human wants as opposed to services that are intangibles. It can also be classied as Economic (iphones. ipads. game consuls, cars, and household and industrial items) or Free {air 8: natural resources available by the free gifts of nature). The next best thing that a person gives up because of the choice she or he made. It can be goods & services (68.5] that your money can buy or an activity that you missed or an effort or emotional investment that you made as a result of good or bad choice. Example: the amount of morning sleep students sacrice for an eaity morning class that starts at 8am. The benefit or use or levels of satisfaction that consumers get from a product (good or service) or taking part in an activity (such as a game of play, entertainment or concert). The method of allocating goods and services [6&5] when there are shortages. For example: Restaurants assign seats on rst come rst serve basis or Gas is rationed out based on the last digit or letter of a car plate on altemate days at times of shortages. The opposite of a good [adj.) good {product} that causes harm to humans because of ingestion or consumption or use. Example: pollution, chemical discharge, Second-hand smoke (as opposed to smoking that has benet by itself to the snicker at least for the time being.) The study of how humans choose to use scarce resources to satisfy their wants and desires. It is also known as \" the science of achieving efciency\". It is divided into two major categones: Microeconomics ('Micro' = Small] and Macroeconomics [\"Mscro\"= Big). Pain, suffering, sickness or harm inicted or caused by consuming or ingesting a bad. The availability or supply of 685 & resources in limited amount in relation to the demand forthem. Also known as 'Shortages' or \"limited supply\" or the opposite of 'abundance'. It is differently defined in economics to mean and include all natural resources provided by the free gifts of nature and untouched or untransfonned by humans (such as oceans, seas, rivers, lands, forests, oil and minerals in the earth crust.) A special talent of human beings that is capable of taking risks associated with new business idea and willing to organize a production activity by combining other resources such as labor, land and capital 8. set them in motion. Entrepreneur = is a person with this special quality. All entrepreneurs are investors but not all investors are entrepreneurs. Example: Steve Jobs, Bill Gates, Elon Musk, as opposed to share holders in the stock market (investors). A special kind of resource or factor of production that is embodied in human beings that is associated with the physical [manual or \"Blue collar" ) work Or Hental ( skilled, trained, professional or'White Collar \") work. In between these two , there is Semi-Skilled labor. 3