Factors of Production
Trade-Offs
Economic Systems
The American Economy
Goals of Free Enterprise
100
This is the focus of economics.
What is the study of how people make choices?
100
The value of the next best alternative given up (I may have repeated this question?)
What is Opportunity cost?
100
This economic system can act with great speed due to its characteristic leadership.
What is a Command Economy?
100
Adam Smith said that individuals would be guided to work in their own self interest by this.
What is the "invisible hand?"
100
Costs do not exceed benefits; wise use of available resources.
What is Economic Efficiency?
200
Natural resources without human intervention.
What is land?
200
This is a visual aid showing the maximum combinations of goods or services that can be produced from a fixed amount of resources.
What is a production possibilities curve?
200
Inuit, Aborigines, South-Indian tea producers, etc.
What is a Traditional Economy?
200
Another name for the Market System, where individuals determine use and ownership of factors of production.
What is Capitalism?
200
Laws requiring employers to hire disabled persons and minorities aim to promote... this.
What is Economic Equity?
300
Entrepreneurship.
What is the ability of risk-takers to develop new products, businesses, etc. for profits?
300
This extreme case explains production possibilities for spending on defense or goods.
What is "guns vs. butter?"
300
This theoretical system is extremely efficient and has lots of competition.
What is a Market Economy?
300
"Let [people] do [as they choose]."
What is the translation of "Laissez-Faire?"
300
The material well-being of a people, measured by how well their needs and wants are met.
What is Standard of Living?
400
Productivity.
What is the amount of output that results from a given level of inputs?
400
The value of the next best alternative
What is an opportunity cost?
400
This economic system benefits from government intervention.
What is a Mixed Market?
400
Lower prices and higher quality goods, leading to an efficient use of resources.
What is Competition?
400
Producing more and more over the long-term.
What is Economic Growth
500
A fixed amount of resources and competing uses for those resources.
What is scarcity?
500
Trade Offs
What is the sacrifice of one good or service for the purchase or production of another called?
500
This economic system lacks a means to incentivize work or benefit from higher quality labor inputs
What is a Command Economy?
500
This term means that individuals are free to own and control the factors of production.
What is Free Enterprise?
500
*Un-Jeopardy* - Answer on a piece of paper: How can people balance economic rights with economic responsibilities?
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