Definitions
Factors of Production
Normative/Positive Analysis
Key Economic Questions
Economic Modeling/Random
100

What is the term for a, "study of choices when there is scarcity?"

Economics

100

Human effort, including both physical and mental, used to produce goods and services.

Labor

100

We should invest in healthcare to help people

Normative

100

Which question looks at if the products expensive/inexpensive, what sector of the market, etc.

What

100

What do economic models explore in regards to people?

Choices

200

What is the term for, "the resources used to produce goods and services"

Factors of Production

200

Resources provided by nature and used to produce goods and services.

Natural Resources

200

Taxes going up will raise money for the government

Positive
200

Which question looks at age, gender, race, etc?

Who

200

What do economic models use to display their data?

Graphs

300

What term is , "The resources we use to produce goods and services are limited."

Scarcity

300

The effort used to coordinate the factors of production—natural resources, labor, physical capital, and human capital—to produce and sell products.

Entrepreneurship 

300

 Which type of analysis would be used to evaluate whether a new tax on sugary drinks has led to a decrease in consumption?

Positive

300

Which questions looks at Factory or handmade, mass produced or limited number, what/where kind of materials?

How

300

What is the term for a ban on imports from another country?

Embargo

400

What term is, "the choices made by individuals, companies, and governments answer the following questions?"

3 Key Economic Questions

400

The stock of equipment, machines, structures, and infrastructure that is used to produce goods and services

Physical Capital

400

Which type of analysis would be used to argue that the government should increase funding for public transportation

Normative

400

If hospital does more heart transplants, fewer resources to care for premature babies is an example of which question?

What

400

Who is the current head of the Federal Reserve?

Jerome Powell

500

What term explores the choices that people make and the consequences of those choices?

Economic Models

500

The knowledge and skills acquired by a worker through education and experience and used to produce goods and services.

Human Capital

500

"Higher taxes on cigarettes will reduce smoking rates and should make the next generation healthier"

Positive and Normative

500

Professor teaching in big lecture hall vs. small classroom is an example of which economic question?

How

500
Who is the current Secretary of the Treasury in the USA?

Janet Yellen

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