Scarcity
“The study of how people satisfy their needs and wants.”
Economics
Goods are ________ objects.
Physical
Scarcity forces us to make _________.
Choices
“The method used by a society to produce and distribute goods and services.” are called
Economic Systems
Adam Smith wrote a book called the "Wealth of ______s"
Nations
_______ are things we desire but that are not necessary for our survival.
Wants
Actions a person does for compesnation
Services
When we make one choice, we lose the chance to make a different choice. This is called...
Opportunity Cost
Economic questions are answered by habits and customs in what kind of economy....
Traditional
Adam Smith promoted what kind of economic system?
Capitalism/Free Market
__________ are things we require to survive!
Needs
How many basic economic questions must be answered?
4
PPC stands for...
Production Possibilities Curve
The government answers all those economic questions in what kind of economy...
Command
Adam Smith believed that the government's involvement in the economy should be...
Little to none
“A limited amount of resources to meet an unlimited amount of wants and needs.”
Scarcity
________ are the materials from which goods and services are made.
resources
“Getting maximum results using the least amount of resources.” is called being...
efficient
Economic questions are answered by buyers and sellers in what kind of economy...
Free Market
Adam Smith's main opposition was Karl ______.
Marx
“The choice between two possible uses of a resource. Giving up one for the other.”
Trade Off
A person’s knowledge, skill, attitude,etc.all factor into a person’s value as a _____________.
Human Resource
Points on the inside of the PPC show what kind of use of resources?
inefficient
The United States and Spain are examples of what kind of economy?
Mixed Economies.
Karl Marx wrote what book?
The Communist Manifesto