Basic Economics
4 Factors of Production
Our Economic Choices
Economic Systems
American Free Market
5 Characteristics of Free Enterprise
100
the study of how people try to satisfy their unlimited needs and wants with limited resources.
What is Economics?
100
“gifts of nature” or natural resources not created by people
What is land
100
This is the next best choice given up after a decision has been made.
What is opportunity cost?
100
an economic system that is a combination of all economies
What is a mixed economy?
100
There are ______ characteristics of free enterprise.
What is 5?
100
having the freedom to choose your own economic aspects.
What is economic freedom?
200
the condition that results from society having limited resources to produce for individuals' unlimited wants and needs.
What is scarcity?
200
risk taking individuals who introduce new products or services in search of profits
What is entrepreneur
200
This is ALL the other choices that we give up whenever we choose one thing over others.
What is trade-off?
200
an economic system where the economic questions are answered by tradition, habits and customs
What is traditional economy?
200
These are the 3 main players in the economy
Who are entrepreneurs, consumers, and government?
200
allows people to own and control their possessions as they wish.
What is private property rights?
300
These are the 3 basic questions in economics
What is What to produce, How to produce, For Whom to produce?
300
people who transform resources into goods or services.
What is labor
300
Point X is __________.
What is unattainable?
300
the economic system where the government controls all the factors of production
What is the pure command economy?
300
This is where resources are privately owned, and competition is allowed to flourish with minimum government regulation.
What is free enterprise?
300
voluntary act of buyers and sellers freely and willingly engaging in market transactions.
What is voluntary exchange?
400
this is the capacity to be useful and provide satisfaction.
What is utility?
400
the skills and knowledge a worker gains through education and experience to create goods and services.
What is human capital?
400
Point A is _________.
What is underutilized?
400
the economic system where the government owns some but not all factors of production.
What is socialism?
400
This recognizes the role of the consumer as ruler of the market.
What is consumer sovereignty?
400
the motivation to improve one’s material well-being.
What is profit motive?
500
Value is determined by _______ and ________.
What is scarcity and utility
500
human-made objects used to create other goods and services
What is physical capital?
500
The opportunity cost of moving from point A to point C is ___________.
What is 20 fine dining?
500
the economic system where the 3 basic questions are answered by individuals based on supply and demand.
What is market economy?
500
these are the 4 roles of the government in the economy.
What is Regulator, Consumer, Provider, Protector?
500
the struggle among sellers to attract consumers with the best products at the lowest prices.
What is competition?