Matching Pairs 1. Macroecon: Basic Vocab MatchOnline version Adapted from https://www.daveforrest.net/Economics/ap-economics-studyguide.pdf by Shaner Adams 1 Consumer Goods 2 Normative Economics 3 Land 4 Three Factors of Production: 5 Labor 6 Producer Goods 7 Economics 8 Macroeconomics 9 Shortage 10 Positivist Economics: 11 Rational Self Interest 12 Necessities 13 Luxuries 14 Scarcity 15 Capital 16 Resources a short term lack of a product or resource. economists believe that people choose options that give them the greatest satisfaction. People use available information, weigh costs and benefits, and make a self-interested choice. Land, Labor, Capital. mental and physical labor such as autoworkers or scientists. products used for immediate consumption. For example: cars, food, toys. natural resources such as trees, water, or minerals the study of the economy as a whole. products used to make consumer goods. For example: hammer and cranes. we never have enough of these to satisfy all of our wants. goods which consumers want, but don’t need goods which satisfy basic human needs. the lack of a product or resource. the study of how scarce resources are used to satisfy unlimited wants. factories, machines (producer goods), and money. focus on measurable outcomes the question of what we should do. The analysis of the economy as an ethical value judgment.
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