Choices
The condition of Unlimited Wants and Limited Resources.
What is Scarcity?
Wood, Coal, and Oil are all this type of resource.
What is Natural?
Which of the following is a disadvantage of being the owner of a sole proprietorship?
Owner can quickly react to business problems
Funding is limited by personal savings or loans
Subject to more government regulations
Owner only has limited liability in legal matters
What is 2?
This economic system has the slowest growth.
What is a Traditional Economy?
The goal to increase technology and capacity to produce goods over times.
What is Economic Growth?
Money that has already been spent and which cannot be recovered.
What is a Sunk Cost?
Natural resources that can be replaced or reused are this type of resource.
What are Renewable resources?
Which of the following is an advantage of being the owner of a sole proprietorship?
Owner can quickly react to business problems
Funding is limited by personal savings or loans
Subject to more government regulations
Owner only has limited liability in legal matters
What is 1?
This Economic System has the most potential to create wealth.
What is a Market/Mixed Economy?
The goal to maximize production of resources and fulfill as many social needs as possible
What is Economic Efficiency?
The economic process you are participating in when you weigh the benefits and costs of a choice prior to making it.
What is Marginal Analysis?
This major resource is made up of all the work input necessary to build or create a finished product.
What is Human/Labor?
Which of the following is an advantage of being the owner of a corporation?
Owner can quickly react to business problems
Funding is limited by personal savings or loans
Subject to more government regulations
Owner only has limited liability in legal matters
What is 4?
What is a Command Economy?
The goal to create fairness between businesses and consumers
What is Economic Equity?
The next best alternative given up when you make a decision.
What is an Opportunity Cost?
This type of resource includes money, buildings, and any machines necessary to complete a task.
What is a capital resource?
Which of the following is an advantage of being the owners of a general partnership?
Owners can quickly react to business problems
Funding is limited by personal savings or loans
Subject to more government regulations
Owners only have limited liability in legal matters
What is 1?
This economic system is driven by producers and consumers making free decisions with no government intervention.
What is a Market Economy?
The goal of consistent income and low unemployment
What is Economic Security?
The slight benefit gained when making a choice between two similar alternatives is this.
What is a Marginal Benefit?
The "4th" major resource, which is necessary to combine the other 3 into new combinations with innovation.
What is entrepreneurship?
Which of the following is an disadvantage of being the owner of a corporation?
Owner can quickly react to business problems
Funding is limited by personal savings or loans
Subject to more government regulations
Owner only has limited liability in legal matters
What is 3?
This type of economy is concerned with the Economic goals of Security and Stability over all others.
What is a Traditional Economy?
The goal to have a consistent value of the dollar and stock prices
What is Economic Stability?