The Market
Everyday Econ
Production Possibilities & Businesses
Government
Random
100
This is something that ALWAYS exists, it means that we have unlimited wants, but there are limited resources available
What is scarcity?
100
A good or service that is required to survive
What is a need?
100
When a nation doesn't use its resources to its maximum ability it suffers from....
What is underutilization?
100
When the government collects this in the circular flow model; it reduces household income but allows the government to provide public goods like schools and roads.
What are taxes?
100
The inventor of the free-market system, the father of modern day economics
Who is Adam Smith?
200
The introduction of new ideas, goods, or services into the market. Accomplished by entrepreneurs.
What is innovation?
200
The value of what you lose when you make a decision.
What is opportunity cost?
200
In a Production Possibilities Curve, anything above the Frontier line is known as this term, which indicates current resources are not capable of this level output.
What is unattainable?
200
The argument among economists to spend on infrastructure, or spend on defense is known as this...
What is Guns & Butter or Guns vs. Butter?
200
This is a type of economy that is based on rituals, beliefs, or customs. These economies are focused on small family units or tribes and may rely on hunting & gathering.
What are Traditional Economies or Traditional Economic System?
300
In a Free Market or Capitalist system, there are two roles in the market
What are consumers and entrepreneurs
300
This is the study of small-scale economic activity, like examining your household's finances.
What is Microeconomics?
300
These are licenses that are issued by the government that issue ownership of an invention or character or creation
What is a patent or copyright?
300
In a free market system, the government tries not to intervene in regulating the market, it is known as this French term
What is Laissez-faire?
300
Please list the Three Key Economic Questions
What are
"what to produce?"
"How to produce it?" and
"Who to produce for?"
400
In the market system, these are the three factors of production
What are land, labor, and capital (human & physical )?
400
The GDP (Gross Domestic Product) is used with the total population to calculate this. This indicates the average amount of money a nation's citizens enjoy per year
What is Standard of Living?
400
This economic model shows how money, goods and services, and resources move between households, businesses, and the government in an economy.
What is the Circular Flow Model?
400
The economic system in which the government answers the Three Key Economic Questions
(you must give both names)
What is Centrally Planned Economy & Command Economy?
400
These are items that are owned by the government and are meant to be used by everyone. These are owned by the governments result of market failure. One example would be emergency services.
What are public goods?
500
This is known as the total value of all goods and services circulated in a nation's economy each year.
What is GDP or Gross Domestic Product?
500
This is the idea that consumers have the power to tell the firms and the market what to produce and in what quantity to produce it.
What is Consumer Sovereignty?
500
There are two ways to shift the PPF to produce more; economic growth through trade or this....
What is new technology or new training?
500
Free markets systems would fail if there wasn't interference from the government. This free market system is maintained by the government, helping it to stay afloat.
What is a Mixed Market Economy?
500
This is when an outside third party receives a cost or benefit of an item or service. For example, going on a road trip across several states.
What is an externality?