Is an economic fact of life, much as the law of gravity is a fact of life.
What is scarcity.
100
A situation in which more of one thing necessarily means less of something else.
What is trade-off.
100
Is an explanation of how something works, designed to answer a question for which there is no obvious answer.
What is theory
100
the special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products ans new ways of doing things.
What is enterpreneurship
100
a group of workers who form an organization to defend the rights of employees in a institution
What is Labor union
200
Scarcity = Wants > Resources
What is the formula for scarcity.
200
an economy in which economic actions take anywhere in the world may affect an individual's standard of living.
What is global economy
200
Land, labor, capital, and entrepreneurship.
What are the four resources.
200
the payment to the resource entrepreneurship
What is profit
200
society is run by 1% of the people and the other 99% have no say in this system.
What is Plutonomy
300
The most highly valued opportunity or alternative for feited when a choice is made.
What is opportunity cost.
300
the branch of economics that deals with human behavior and choices as they relate to relatively small units.
What is microeconomics
300
-What goods will be produced?
-How will the goods be produced?
-For whom will the goods be produced?
What are the three economic questions.
300
economies that have features of both free enterprise and socialism.
What are mixed economies.
300
discovered the polio vaccine and gave it up for free because he wanted it to be accessible to everyone in the world. No patent.
Who is Dr. Salk
400
the science that studies the choices of people trying to satisfy their wants in a world of scarcity.
What is economics.
400
Microeconomics and Macroeconomics.
What are the two major branches of economists divide economics.
400
The way all the income earned in a country is divided among different groups of income earners.
What is income distribution.
400
free enterprise and socialism.
What are the two major and radically different economic systems
400
life insurance policies that companies take on their employees, but the beneficiary is the company itself, not the family.
What is dead peasants.
500
-Car, home, computer, clothes, CD player.
- Friendship, health, love, freedom, respect.
What is tangible goods and intangiable goods.
500
The study of the "big picture", the entire economy.
"THE ECONOMIC TELESCOPE"
What is macroeconomics.
500
An economic system in which individuals (not government) own most, if not all, the resources and control their use.
What is free enterprise.
500
resources, government's role in the economy, economic plans, income distribution, and controlling prices.
What is the differences between free enterprise and socialism
500
the freedom to compete in the business government.