Econ Basics
Factors of Production
Economic Systems
Business
Personal Economics
100
The idea that all resources have a limited supply.
What is SCARCITY?
100
A nation's workforce. The people who do the work.
What is LABOR?
100
Economic systems must answer 3 questions. The first questions is "What to ______________?"
What is PRODUCE?
100
A business owned and operated by one person.
What is a SOLE PROPRIETORSHIP?
100
A plan for earning, spending and saving.
What is a BUDGET?
200
Economically looking at the "BIG picture".
What is MACROECONOMICS?
200
Such things as oil, trees, water, etc.
What are NATURAL RESOURCES?
200
An economic system based on free enterprise and private ownership of property.
What is CAPITALISM or MARKET ECONOMY?
200
The reason most busnisses exist.
What is PROFIT MARGIN?
200
Property used as security for a loan.
What is COLLATERAL?
300
Goods and services which are essential to survival.
What are NEEDS?
300
The manmade goods used to make other goods or services. Things like machinery or tools.
What is CAPITAL?
300
This group makes all of the decisions in a command economy.
What is the CENTRAL GOVERNMENT?
300
The money needed to start or expand a business.
What is FINANCIAL CAPITAL?
300
A person from whom you can borrow money.
What is a LENDER?
400
Goods brought into one country from another.
What are IMPORTS?
400
An individual who starts a business or creates a new product and is willing to take risks in order to make a profit.
What is an ENTREPRENEUR?
400
The most common type of economic system.
What is MIXED ECONOMY?
400
A business owned by stockholders.
What is CORPORATION?
400
Making purchases without planning or thinking about the consequences.
What is IMPULSE BUYING?
500
The next best alternative given up by making an economic choice.
What is OPPORTUNITY COST?
500
When one country has an advantage over another country in the factors of production needed to make a particular product.
What is COMPARATIVE ADVANTAGE?
500
One of government's few roles in a market economy is to handle these unintended consequences that occur as a result of some economic activity.
What are EXTERNALITIES?
500
A share of profits paid to stockholders.
What is DIVIDENNDS?
500
Making a major purchase or having "emergency" funds are reasons for _________________ .
What is SAVING?
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