Terms
A situation that exists when there are not enough resources to meet human needs/wants.
What is Scarcity?
Weighs the benefits of an action against its costs.
What is Cost-Benefit Analysis?
What is a Problem?
Double coincidence of wants?
What is Medium of Exchange?
Gold, Silver, Unique Shells are examples of what?
What is Traditional Money?
What is Incentives?
The Five Step Decision Making Process.
What is PACED?
What do you list?
What is a Alternative?
Assets don't last?
What is Store of Value?
What is money that has value in itself?
What is Commodity Money?
Benefit or satisfaction gained from the use of a good or a service.
What is Utility?
What is a Producer?
What is Critism?
Disputes over value?
What is Unit of Account?
What money has no value and only works because we believe it does?
What is Fiat Money?
The alternative that you give up when an economic choice is made.
What is Trade-Off?
What is a Consumer?
What do you evaluate?
What is a Alternative?
What does money enable?
(There are 2 right answers, choose one)
What is the Ability to Move Assets around in Time?
What is a Exchange in Goods/Services
What are the two kinds of Fiat Money?
What is Digital and Paper Money?
The most highly valued opportunity given up when you make a choice.
What is Opportunity Cost?
Work that one person preforms for another for payment.
(Ex: Sales Clerk, Teachers, Doctors, ect.)
What is a service?
Fill in the blank:
Make your ________
What is a Decision?
What do we exchange for things we value?
What is money?
What are the 4 characteristics of money?
What is Durable, Divisible and Countable, Portable, and Scarce?