Vocab
the one most desirable alternative given up as the result of a decision
what is Opportunity Cost
Due to scarcity, choices must be made. ALL the alternatives that we give up when we make a choice are...
What are Trade Offs?
In this kind of an economy does the government make all the decisions
What is Centrally Planned, Command, Communism?
This is is a model that shows alternative ways that an economy can use its scarce resources
What is the production possibilities curve?
This is the richest man in the world
Who is Elon Musk?
the study of big economic concepts like economic systems
What is Macroeconomics
In economics the term Marginal means
What is Additional?
A system with free markets but also some government intervention.
What are Mixed Economies?
Production at a point inside the curve on the PPC is considered
What is inefficient?
This fast food chain is the highest grossing fast food chain in the U.S.
principle that limited amounts of goods and services are available to meet unlimited wants
What is Scarcity?
In economics the word Allocate means...
What is Distribute?
High levels of Competition is an advantage of this economic system
What is Free Market?
A point outside the curve on the PPC production is considered
What is unattainable (impossible)?
This is how much it cost to produce the new movie The Odyssey (closest answer wins)
What is $250 million?
risk taker who starts a new business
What is Entrepreneur
These are the goods used to make consumer goods
What are Capital Goods?
The concept that society’s goals will be met as individuals seek their own self-interest is called...
What is The Invisible Hand?
Efficiency when products being produced are the ones most desired by society is called
What is Allocative Efficiency?
This is about how much the US spent on defense last year (closest answer wins)
What is about $916 billion?
all natural resources used to make goods and services (one of the factors of production)
What is Land?
These are the four factors of production (must have all 4)
What are Land, Labor, Capital, and Entrepreneurs?
This term in econ means Little government involvement in the economy.
What is Laissez Faire?
Name the three factors that can shift the PPC
What are changes in Trade, technology, and quantity and quality of resources?
This is the score you are going to get on this Unit 1 Test
What is 100%?