What is Economics
What are Factors of Production
What are costs and Revenues
What are Comparative Economics
Labor Force
100

What is economics?

the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs.

100

What is production?

Production is how much stuff an individual, business, country, even the WORLD makes.

100

What is cost?

What is the total amount of money it takes to produce an item.

100

What are the three types of comparative economies?

Traditional, Command, and Free Market

100

What are the two basic types of labor jobs?

Wages and Salary

200

What is macroeconomics?

–The big picture: growth, employment, etc.

–Choices made by large groups (like countries)

200

List four types of production we all have or use daily?

STUFF – Goods and Services.

Goods – tangible (you can touch it) products we can buy

Services – work that is performed for others

Capital Goods – goods used to provide services or to make money

200

What is revenue?

What is the total amount of money a company or the government takes in.

200

Who is deemed the founder of revolutionary communism and socialism?

Karl Marx

200

What is the major difference between blue collar and white collar jobs?

Blue: manufacturing, working with hands, usually in production of some sort.


White: office, desk jobs, usually controls productions (management)

300

What is microeconomics?

–How do individuals make economic decisions

300

What are the four factors of production?

Land 

Labor 

Capital

Entrepreneurship


300

What is the biggest difference between fixed costs and variable costs?

Fixed cost is a set price for an item that doesn't change and must be paid monthly, weekly, etc to continue on with that service or good and variable costs is the amount of money a company pays that for something needed but it changes over time.

300

List 3 principles of a Free Market economy?

Economic questions answered by producers and consumers

Limited government involvement

Private property rights

Wide variety of choices and products


300

What is called when a company lays off employees to cut/save costs for the company?

What is downsizing
400

What 5 things must society figure out in economics?

WHAT to produce (make)

HOW MUCH to produce (quantity)

HOW to Produce it (manufacture)

FOR WHOM to Produce (who gets what)

WHO gets to make these decisions?

400

What the three parts and the meaning to the Production Process?

Factors of Production – what we need to make goods and services

Producer – company that makes goods and/or delivers services

Consumer – people who buy goods and services (formerly known as “stuff”)

400

What is the single most important reason people go into business?

What is to make a profit!
400

Who wrote the book "The Wealth of Nations"?

Adam Smith

400

What are the other 3 measures companies take when production decreases?

What is...outsourcing, bankruptcy, and going out of business.
500

Define opportunity cost.

The Value of the Next Best Choice

(Ex: Sleeping is the opportunity cost of studying for a test)

500

What are the 3 factors in Changes of Production?

Specialization

Division of Labor

Consumption

500

Explain cost benefit analysis?

Marginal Costs vs. the Marginal Benefits of producing an item or making any economic decision.  If the Benefit is GREATER than the Cost, then business does it.

500

List the 6 Principles of Capitalism

Competition

Voluntary Exchange

Private Property

Consumer Sovereignty

Profit Motive

Social Safety Net

500

How does labor protect itself?

What are Labor Unions organize and protect against wages, workplace safety, benefits, and job security.
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