Paid effort that people devote to a task is known as what?
What is labor?
100
Roads are an example of what type of good?
What is a public good?
100
The use of resources in a way that maximizes output of goods and services?
What is efficiency?
100
The most desirable alternative given up is known as the what?
What is opportunity cost?
100
If 500 workers remain on strike, what would happen to the Production Possibilities frontier?
What is it would stay the same?
200
Physical objects that can be exchanged describes what?
What is goods?
200
This is the term used to describe the total value of all goods and services produced in a particular economy?
What is Gross Domestic Product?
200
All the possible alternatives that are rejected when a choice is made?
What is trade-offs?
200
A student is an example of this factor of production?
What is human capital?
200
Adam Smith described "this" as individuals rather than the government controling the market through their own self-interest?
What is the invisible hand?
300
Limited quantities of resources to meet unlimited wants is defined as what?
What is scarsity?
300
The study of the economic behavior of your family’s business is an example of what?
What is microeconomics?
300
The use of fewer resources than the economy is capable of using?
What is underutilization?
300
The opportunity cost of a decision can be examined by using this tool or graph?
What is the production possibilities graph (or curve)?
300
What document protects the government's right to intervene (ex. - taxes) in our free market economy but still protects individual rights (ex. - private property)?
What is the U.S. Constiution?
400
The skills and knowledge gained by a worker through education and experience.
What is human capital?
400
A person who consumes a good or service but does not pay for it is known as what?
What is a Free Rider?
400
The level of economic prosperity?
What is the standard of living?
400
This line on a Production Possiblities Curve demonstrates the points in which the maximum combination of two products can be produced?
What is the Production Possibilites Frontier?
400
This term means that government should keep its' hands off!!!!
What is laissez faire?
500
Government aid to the poor?
What is welfare?
500
Studying the impact of the great depression would be an example of what?
What is macroeconomics?
500
A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society?
What is socialism?
500
What type of gov ernment in a centrally planned economy has an authoritarian type of government?
What is communism?
500
The most effective way to mke businesses aware of consumers desires?