Chapter 1
Chapter 2
Chapter 3
Vocabulary
Random
100
The fundamental economic problem facing all societies
What is Scarcity
100
Economic System in which allocation of scarce resources and other economic activities are based on ritual, habitat, or custom.
What is Traditional Economy
100
A business owned and run by a single person who has the rights to all profits and unlimited liability for all debts of the firm
What is Sole Proprietorship
100
A good that lasts at least 3 years when used regular
What is Durable Good
100
Another word used for Utility(One word)
What is Usefulness
200
The Three Basic questions involving economics
What is What to produce, For whom to produce, and How to produce
200
Economic System with a central authority that makes the major economic decisions, government makes all major economic decisions.
What is Command Economy
200
A business that is jointly owned by two or more persons.
What is Partnership
200
An alternative that is available whenever a choice is to be made
What is Trade-Off
200
A computer used in a school for education
What is Capital Good
300
The 4 Factors of Production
What is Land, Labor, Capital, and Entrepreneurs
300
Economic system in which supply, demand, and the price system help people make economic decisions and allocate resources ex. The United States
What is Market Economy
300
The main advantage of the corporate form of business organization
What is The ease of raising financial capital
300
Lowest legal wage that can be paid to most workers
What is Minimum Wage
300
Another word for modified free enterprise economy
What is mixed free enterprise economy
400
The 4 Key elements in studying economics
What is Description, Analysis, Explanation, and Prediction
400
Economic system that has some combination of traditional, command, and market economies.
What is Mixed Economy
400
Basic ownership of a corporation, including voting rights, takes the form of..
What is Common stock
400
The struggle among sellers to attract consumers
What is competition
400
What "roles" do the government play in the U.S?
What is Protector, Provider, Regulator, Consumer
500
A diagram representing various combinations of goods and services in an economy can produce when all its resources are in use
What is Production Possibilities Frontier
500
Name 3 Economic and Social Goals
What is Economic Freedom, Efficiency, Equity, Security, Full employment, price stability economic growth, and future goals
500
A major reason for conglomerate mergers
What is diversification
500
Combination of two or more firms producing the same type of product
What is Horizontal Merger
500
Example of indirect role of government
What is Public utilities
M
e
n
u