What are natural resouces, labor, capital, and entrepreneurs?
100
The fundamental economics problem.
What is scarcity?
100
People buy and sell freely and willingly.
What is voluntary exchange?
100
Alternatives that people face when making choices.
What are trade-offs?
100
A way to build a profitable economy and earn money to buy items that cant be made locally.
What is specialization?
200
The difference between the factor market and the product market.
What is the idea that people spend money in the product market and earn money in the factor market while businesses receive money in the product market and spend money in the factor market on land, labor, and capital?
200
iPod versus food/shelter.
What is a want versus a need?
200
One role of the government in a free enterprise system.
What is consumer, protector, regulator, promotor, etc.?
200
The purpose of the cost-benefit analysis grid.
What is a way to help you consider alternative choices of action to arrive at an economic decision?
200
Put in place to protect local industries and prevents one country from exchanging goods with another.
What are Trade Barriers?
300
The three basic economic questions.
What is "what to produce," "how to produce," and "for whom to produce"?
300
The three basic economic questions.
What is "what to produce," "how to produce," and "for whom to produce"?
300
The two types of economic systems that most fit the US economy.
What are command and market?
300
The graph of the maximum combinations of goods and services that can be produced.
What is the production possibilities frontier?
300
A tax placed on goods when they are brought into a country.
What is a tariff?
400
A good or service that is scarce AND useful.
What is "valuable" in economic terms?
400
Creating a high volume of products using an assembly line process in which each operator is responsible for a specific step in the process.
What is mass production?
400
An example of a capital good that is both a capital good and a consumer good.
What is a small tractor, etc. (answers will vary)?
400
An example of opportunity cost in your life.
What is answers will vary?
400
A limiting amount a foreign goods brought into a country.
What is a quota?
500
"Gifts of Nature"
What are natural resources?
500
To learn to make better decisions.
What is the purpose of studying economics?
500
The most profitable investment.
What is human capital?
500
The group that ultimately determines what is produced in a free enterprise economy.
What are consumers?
500
A country that no longer trades with another country to islolate problems.