Economics
The condition that results from society not having enough resources to produce all the things people would like to have.
What is Scarcity
The capacity to be useful and provide satisfaction.
What is utility?
Give an example of land
any natural resource
A tractor is an example of which factor of production?
capital
A cow is an example of which factor of production?
land
Next best alternative
opportunity cost
Haircuts, home repairs, and forms of entertainment are examples of…
What are services?
Economic system where the government controls the factors of production
Command
Private property rights (being able to own your own house) is a characteristic of which economic system?
Market economy
If john works at burger king, which factor of production is john?
Labor
What is it called when a person gives up going to college to obtain a degree by going to the NBA?
What is Opportunity Cost?
America is what type of economy?
Mixed
Characteristic of capitalism where producers and sellers compete with one another to attract consumers, while lowering cost. Consumers compete with one another to obtain the best products at the lowest prices.
What is Competition?
An economic system in which private property is recognized and free markets exist.
Market economy
A point inside the PPC represents
unemployment/inefficiency
If the total utility for eating pizza is 8, 12, 14, 12. What is the marginal utility of the 3rd slice?
2
The motive for which businesses provide goods in a market economy
What is profit motive
Bangladesh is a major producer and exporter of textiles and focuses just on making those items. This is an example of:
What is specialization
A speeding ticket is which type of incentive?
Negative
The PPC curve itself represents
efficiency OR the most possible production of goods
the force in a market economy that regulates businesses
What is the Invisible hand?
Which country is the THIRD least free based upon the economic freedom index?
Venezuela
Knowledge and skills acquired in order to complete a job or task
human capital
If I let whoever gets to class first have a free homework pass, which allocation strategy is this?
First come, first serve
A point outside of the PPC represents...
Unattainability/impossible production