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100

The study of how individuals, institutions, and society make choices under the conditions of scarcity is..

Economics 


100

Scarcity of fresh vegetables during the winter months can cause what kind of production problem?

Higher food costs!

100

What is the name for the economic condition that exists when people want more things than there are things to buy?

SCARCITY

100

These are use materials that are found on or in the earth and are used in the production of goods and services.

Natural Resources

100

This is equipment and factories used in the production of goods and services.

Capital 

200
  • Government owns the factors of production
  • Government answers the question of who, what and how to produce
  • Government eliminates choice and competition

    What type of economic system is described?

Command

200

Prices are determined by supply and demand..

Decisions are made by individuals..

These are examples of what kind of Economy? 

Market 

200

Consumers have economic power in this kind of market...

FREE Market


200
  • Producers and consumers own the factors of production
  • Custom and habit answer the question of who, what and how to produce
  • Outside trade and commerce is discouraged
  • Roles within the community are defined by custom and gender

    What type of economic system is described?

Traditional 

200

A nation's workforce; the education and skills of its people..

Human Resources

300

A person who takes the risk of a new business..

Entrepreneur

300

What is an example of complementary products?

....

300

The Law of Demand is one of the most famous laws in economics. It states that when the price of a good rises, the quantity demanded ______________, and when the price of a good falls, the quantity demanded _____________.

falls -- rises 

300

What is the role of consumers in determining what is produced in a market economy?

Consumers use their buying power to determine goods produced.

300

Which American socioeconomic class is impacted most by scarcity?

Poor, Middle Class, and Rich

400

What are the 4 factors of production?

Land Labor Capital Entrepreneurship

400

In a capitalist economy, who ultimately determines the answer to the economic question "What to produce"?

Consumer/Individuals

400

Which economic system does laissez faire favor? (Hands-Off Government)

Capitalism

400

What product is likely to have the MOST elastic demand?

Luxury items.. Non-essential. 

400

_______ have inelastic demand since a change in price would not change the quantity demanded.

Life necessities or needs.

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