Economics
A most basic principle of economics: we have unlimited wants but limited resources
What is scarcity
manufactured goods needed to produce other goods and services are called
What is capital goods
When you give up one thing for another
What is trade off
When work is split between workers this is called
What is division of labor
Most investments pay off later, meaning they are what kind
What are long term investments
the dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
What is GDP
The cost of doing the alternative
What is opportunity cost
A swiss army knife has low _______ utility because you only need one
What is marginal
In a command economy, the government regulates
What is everything
A person who takes a risk on a business idea
What is entrepreneur
Which group of people ultimately determines the products that a free enterprise economy produces
What is consumers
the US economy can best be described as having a
What is a mixed market economy
the minimum wage is an example of a federal law that supports
What is economic equity
The concept when people freely and willingly engage in market transactions
What is voluntary exchange
For most product and services, increase in prices will create less of this
What is demand
The product of cereal and the product of milk are what kind of goods
What is complements
advertising, fashion trends, and new product introductions belong to this field of economics
What is marketing
The ability to make choices in goods and services means we have
What is economic freedom
When a company sells pieces of itself, these are called
What are stocks
Consumers' willingness to replace a costly item with a less costly item is an example of
What is the subsitution
If price drastically increases or decreases with demand then it is considered
What is elastic
What is negative incentive
In this kind of economy, roles are well established with little room for innovation
What is a traditional economy
If demand decreases, the chart will shift to the ____.
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