Vocab
Factors of Production
Economic Choices
Must Spell Correctly For Credit
Anything Goes
100
Fundamental problem in economics (there are not enough resources to provide for all of our needs and wants)
What is Scarcity
100
What are the three basic economic questions?
What, How, and For Whom to Produce?
100
The "Father of Economics"
Who is Adam Smith
100
The study of how people try to satisfy their needs and wants through limited resources
What is Economics
100
A basic requirement for survival
What is a Need
200
A good produced for final use by the consumer
What is a Consumer Good
200
All natural resources used to produce goods and services
What is Land
200
The Invisible Hand argued that __________________ control of the economy is not needed.
What is Government
200
Dollar value of all final goods, services, and structures produced within a country's borders in a 12-month period
What is GDP
200
Economics scarcity is the result of demand exceeding ________________.
What is Supply
300
The skills and abilities that employees possess. It is generally agreed that job training in an investment in this...
What is Human Capital
300
Money used to buy tools and equipment for production of goods and services is considered
What is Capital
300
The value of time, money, goods and services given up in an economic choice
What is Opportunity Cost
300
This acronym describes the fact that there is always a production cost when producing a product regardless of how it is marketed to you
What is TINSTAAFL
300
Adam Smith's term explaining why Joe works hard so that people purchase his product
What is Invisible Hand
400
An economic term for something someone does for you for a fee
What is a service
400
A person who takes a risk to start a business
What is an Entrepreneur
400
This term is used for when a government decides whether to produce more or less military or consumer goods
What is "Guns or Butter"
400
The study of individual players in an economy, such as individuals, families, and businesses (think small...)
What is Microeconomics
400
The efficient use of resources
What is Productivity
500
For something to have value, it must have ______________ (useful and provides satisfaction)
What is Utility
500
Manufactured goods needed to produce other goods and services
What are Capital Goods
500
An action in one part of the country or world that has an economic impact on what happens elsewhere
What is Interdependence
500
The belief that the government should not interfere with commerce or trade
What is laissez-faire
500
Type of unemployment that is due to industry jobs being replaced by machines
What is Automation
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