Vocabulary
The study of how people seek to satisfy their needs and wants by making choices.
What is Economics?
The study of Economics begins with the idea that people cannot have everything they ______ and _______.
What is need and want?
Which economic system relies on custom or rituals to answer the 3 economic questions?
What is traditional economy?
An arrangement that allows buyers and sellers to voluntarily exchange things.
What is the free market?
The concept that people have the right and privilege to control their possessions as they wish is called _______ ________.
What is private property?
When a producer can't offer a good or service, it is considered ____________.
What is a shortage?
It is difficult to meet unlimited wants, because of all of the goods and services produced are....
What is scarce?
A nation's economy must grow to improve it's _________ ________ ________?
What is Standard of living?
In a _______ market, firms purchase or rent land. They hire workers and pay them wages for their labor.
What is a factor?
What important document protects consumers in the American Free Enterprise System?
What is the Constitution?
The knowledge and skills gained through education and experience.
What is Human Capital?
The resources that are used to make goods and services are called the _____ ____ _______. They are _____, ______, and ______.
What is Factors of Production?
What is land, labor, and capital?
In this economic system, economic decisions are made by individuals based on trade.
What is a market economy?
Goods and services are purchased by households in a ______ market.
What is a product?
Based on the 5 pillars.
-Private Enterprise
-Competition
-Private Property
-Profit Motive
-Consumer Sovereignty
Laws requiring companies to provide full information about their products.
What is Public Disclosure Laws?
From an economist's point of view, when you decide how much more or less to do, you are _______ ______ _____ _______.
What is a mixed economy?
What did Adam Smith's Book describe?
What is How Markets Functions?
The fundamental purpose of the Free Enterprise System is to give consumers the freedom to ______ _____ ____ ______ ______.
What is make their own economic choices?
An alternative that we sacrifice when we make a decision.
What is a trade-off?
What is the difference between opportunity cost and trade-offs?
Opportunity Cost is having alternatives in order to make a decision.
Trade-offs is the actual alternative given up.
If society can accurately assess what to produce, it increases its _______ ________.
What is economic efficiency?
How does specialization make us more efficient?
By learning one or a few tasks very well.
Who regulates industries who goods and services affect the well-being of the public?
What is the government?