Economic Basics
What is economics
What is a good in economics
What is a physical products that people buy or use
What is an economic system?
What is the way a society organizes the production, distribution, and consumption of goods and services.
What is a budget?
What is a plenty for how to earn, spend, and save money?
What is supply?
What is the amount of a good or service that producers are willing and able to sell at different prices?
What is scarcity
What are resources that are limited but people's wants are unlimited
What is a service?
What is worked performed by someone else
In which economic system does the government make most major economic decisions?
What is a command economy.
What is income
What is money received from working
What is demand?
What is the amount of a good or a service consumers are willing and able to buy at different prices.
What is opportunity cost
What is the next-best alternative you give up when making a decision
What are the four factors of production?
What is land, labor, capital, and entrepreneurship
In which economic system are customs and traditions the primary influences on economic decisions.
What is a traditional economy
What is the best way to map out your budget plan?
What is writing it down every month
According to the law of demand, what generally happens to quantity demanded when a product price increases?
What is quantity decreases
What is the difference between a need and a want
What is a need is something necessary for surgical, while a want is something a person desires but can live without.
A farmer grows cotton on a piece of land. Which factor of production does this represent?
What is Land
In a traditional economy, how are many jobs and economic activities determined?
By customs, traditions, and practices passed down through generations.
You earn $500 per month, Your expenses are $200 for rent, $100 for food, $50 for transportation, and $50 for entertainment. How much money do you have left?
What is $100
According to the law of supple, what generally happens to quantity supplies when the products price increases.
What is quantity supplied increases.
You are $20 and can either go to the movies, buy a shirt, or get gas. You decide to get gas. What are the trade-offs?
What is going to the movies and buying a shirt.
A person opens a restaurant, hires workers, purchases equipment, and accepts the risk of running the business. Which factor of production describes the person who organizes the business and tames the risk?
What is entrepreneurship
A country's government decides what factories produce, how much they produce, and how goods are distributed. What type of economy is this?
What is a command economy.
Why is it important to save money
What is saving helps prepare for emergencies.
A popular sneaker is released in limited quantities. Thousands of people want to buy it, but very few pairs are available. What is likely to happen to its prices
What is its prices will likely increase because demand is high relative to supply.