Economic Problems
Described as unlimited and ever changing.
What is wants?
A famous or infamous leader of of North Korea.
Who is Kim Jong Un
Businesses may offer these to make you do or buy certain things
What are incentives?
Getting to work the job that best fits you.
What is specialization?
A person who avoids paying but receives all the benefits.
What is a free rider?
This economic question is asked to see what people in society will receive a good or service.
What is, what will be produced?
Here consumers and producers hold the true power.
What is a market economy?
Everything comes with a cost.
What is no free lunch?
Something that influences consumers to act a certain way, Adam Smith created this analogy.
What is the invisible hand?
Benefits supplied by the government to help its citizens.
What are public goods?
All resources needed to create a good or service.
What is factor of production?
No economic growth is possible here.
What is a traditional economy?
You missed getting valuable notes while taking the day off from school.
What is the opportunity cost of staying home?
People decide what agreements to enter into.
What is free contract?
The Crescent City Connection is an example of this type of public good.
What is infrastructure?
This question makes us think about how to use our resources in the most efficient way possible.
What is, how will it be produced?
Says that the government will not interfere, means leave things alone.
What is Laissez Faire?
The additional satisfaction from using a product or service.
What is marginal benefit?
In this place businesses are the consumers and the individuals are the producers.
What is the factor market?
This creates benefits for people who were not originally involved in economic activity.
What is a positive externality?
Too many wants, not enough resources.
What is scarcity?
These people are often wrong because they have little to no understanding of economic condition of the citizens.
What are bureaucrats/central planners?
The alternative of two decisions.
What is a Trade off
It acts as a price regulator.
What is competition?
Social Security, Medicaid, and Food Stamps are great exampled of this safety net.
What are public transfer payments?