This central economic problem means that there is never enough of something to satisfy all human wants.
What is scarcity?
100
This type of economy agrees with Adam Smith that an "invisible hand" guides supply and demand.
What is a market economy?
100
When goods have a capacity to be useful and provide satisfaction to the consumer, they have this.
What is utility?
100
This is how efficiently production inputs, such as labor and capital, are being used in an economy to produce a given level of output.
What is productivity?
100
The practice of having certain job functions done outside a company instead of having an in-house department or employee handle them.
What is outsourcing?
200
If you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else. This is an example of...
What is opportunity cost?
200
This is an economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces.
What is a traditional economy?
200
This is an economic system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale.
What is a command economy?
200
This is a type of economy where products, prices, and services are determined by the market, and consumers make the majority of economic decisions.
What is a free enterprise/free market economy?
200
The alternatives you face if you decide to do one thing rather than another.
What is a trade-off?
300
Individuals who are willing to develop, organize and manage a business along with any of its risks in order to make a profit.
What is an entrepreneur?
300
This is a period of very high unemployment, poverty, and a decrease in the Gross National Product.
What is an economic depression?
300
This is a federal program of disability and retirement benefits.
What is Social Security?
300
According to the law of ______, as the price of a good or service increases, the amount of consumers wanting the good or service will decrease.
What is demand?
300
If you plan on driving substantially LESS than 13,000 miles per year, it is best to _______ a car.
What is lease?
400
The process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries conditions, benefits, and workers' rights.
What is collective bargaining?
400
Goods, such as buildings and machines, that are purchased and used to help your company produce consumer goods or provide services.
What are capital goods?
400
Important to mass producing goods, it's when you divide a job into many specialized parts, with a single worker or a few workers assigned to each part.
What is division of labor or specialization?
400
The economic concept that there is always a production cost when producing a product - that is, you don't get something for nothing.
What is TINSTAAFL/"There ain't no such thing as a free lunch"?
400
A product is ______ if a large change in price is accompanied by a small amount of change in quantity demanded. Think gasoline.
What is inelastic?
500
This economic law states that an increase in price results in an increase in __________. In other words, there is a direct relationship between price and quantity.
What is supply or quantity supplied?
500
The degree to which changes in a good's price affect the quantity demanded by consumers.
What is elasticity?
500
The decrease in satisfaction or usefulness received from each additional unit of a product, such as buying only one drink at lunchtime instead of two.
What is decreasing marginal utility?
500
A number given to you by the bank that determines whether you qualify for a loan and what interest you will pay.
What is a credit score?
500
The force that encourages businesses to make profits by lowering prices, producing higher-quality goods, and a greater variety of goods.