CHOICES
we have _________ resources ________ to meet unlimited ________.
limited, unlimited
According to Adam Smith, what two things make the free market work?
Self Interest and Competition
Encourages a person or Business to behave a certain way
Incentive
The amount of money you agree to pay towards your losses before your insurance coverage will begin paying
Deductible
What is the deadliest animal in the world?
Mosquito
Land, Labor, Capital
Factors of Production
Metaphor for unseen forces that move the free market economy
Invisible Hand
Money a Business receives from selling its products or services
Revenue
The specified amount of payment required periodically by an insurer to provide coverage under a plan for a defined period of time
Premium
The first two letters signify a male, the first three letters signify a female, the first four letters signify a great, while the entire word signifies a great woman. What is the word?
Heroine
When you give up something by choosing something else
TRADE - OFFS
In a Free Market who owns the factor of production
The Households
How do you calculate Profit?
Total Revenue minus total cost
Purpose of Insurance
Transfer Risk
Silence
When demand is not very sensitive to a change in price
INELACTIC
When price goes up, what goes down
Demand
What is profit motive
The desire of individuals and businesses to earn a financial return from their economic activities
What does FAFSA stand for?
Free Application for Federal Student Aid
I have cities, but no houses. I have mountains, but no trees. I have water, but no fish. What am I?
A Map
Skills and knowledge gained by a worker through knowledge and experience
HUMAN CAPITAL
In what year did Adam Smith Write the Wealth of Nations
1776
How do you calculate revenue?
Quantity sold x Unit Price
You have an insurance policy with a premium of $200 per month. You cause an accident and receive a bill with a total cost of $8000. Your deductible is $1000, and his coverage limit is $6,000.
How Much Money do you owe?
$3,000
What is seen in the middle of March and April that can’t be seen at the beginning or end of either month?
The Letter R