Do as history dictates, i.e. hunter and gathers trade/barter
What is Traditional?
100
In recognition of the fact that not all of one's decisions are likely to be defensible. The _ step in the five-step decision making process is to determine whether the decision was appropriate.
What is Step 5 - Evaluating the decision?
100
Individual decisions - must create budgets to deal with scarcity. Budget forces us to place needs over wants.
What is Micro?
100
The tools, equipment, machinery, and factories used in the production of goods and services.
What is Capital?
200
Compete for resources
What is Capitalism?
200
What decision alternatives are available?
What is Step 2 - Identifying possible decision options?
200
Large entities (i.e. governments, school, etc.) create economic systems.
What is Macro?
200
"Gifts of Nature;" or natural resources not created by humans. Includes deserts, fertile fields, forests, mineral deposits, etc.
What is Land?
300
All resources are shared.
What is Socialism?
300
Isolating/identifying the decision that must be made. What does the decision entail?
What is Step 1 - Identifying/clarifying the decision to be made?
300
When unlimited wants meets limited resources.
What is Scarcity?
300
People with all their efforts, abilities, and skills. This category includes all people except for a unique group of individuals called entrepreneurs.
What is Labor?
400
The government owns and dictates distribution of the resources.
What is Communism?
400
After the information has been considered, according to it's relevance and significance , a decision based on that information should be made.
What is Step 4 - Making/implementing the decision?
400
The importance of an item does not mean i will have a higher price. Also, a higher price does not mean importance of an item.
What is Paradox of Value?
400
A risk-taker in search of profits who does something new with existing resources. Often thought of as the driving force in an economy.
What are Entrepreneurs?
500
Fill-In Question: the dollar value of all final goods and services, and structures produced within a country's borders in a 12-month period.
What is Gross Domestic Product (GDP)?
500
The decision maker collects or processes information that can help guide the decision.
What is Step 3 - Gathering/processing information?
500
The resources required to produce things we woud like to have, land, capital, labor, and entrepreneurs.