Intro to Economics
This is the study of making informed decisions about everyday things...
What is economics?
This is an economic system where private individuals or businesses own the means of production and operate them for profit.
What is Capitalism?
Most of the decision-making processes in economics are meant to reach this which means that resources are being used in the best way possible
What is efficiency?
These things give people motivation to do the things they need to do in life and also motivate businesses to bring their products/services to market.
What are incentives?
This occurs when there in only one seller in a certain market...
What is a monopoly?
By doing this, you are exchanging an item for currency...
What is trading/trade?
This is a political and economic theory advocating for collective or governmental ownership of the means of production and distribution of goods.
What is Socialism?
Efficiency is demonstrated by this on a Production Possibilities Curve when resources are fully used
What are points along the curve?
This is the ultimate motivator for someone to start their own business...
What is profit?
Oligopolies can sometimes be guilty of this, which is why our government tries to prevent them from forming...
What is price collusion?
This basic economic concept explains how we attempt to fulfill unlimited wants/needs with limited resources...
What is Scarcity?
This is a political and economic system that aims to create a classless society by abolishing private property and placing the means of production under public ownership.
What is Communism?
If something is impossible with current resources it is plotted here on a Production Possibilities Curve.
What is outside?
This is where the supply and demand curves intersect...
What is the Equilibrium Point?
This role of the Federal Trade Commission...
What is to protect consumers?
Economics is all about __________ that we make and the impact of those __________ (same answer for both blanks).
What are choices?
The term of Communism was coined by this man with some help from his friend Engels
Who is Marx?
Every economy must answer these three questions when thinking about economic activity as a whole; name 2 of them.
What to produce? How to produce? For whom to produce?
As price rises, this happens to demand...
In monopolistic competition this is what separates brands...
What is advertising?
This is the value of an alternative choice compared to the choice you've made.
What is an opportunity cost?
Karl Marx believed that this system would be the bridge between Capitalism and Communism.
What is Socialism?
Inefficiency is demonstrated by being plotted here on a Production Possibilities Curve.
What is inside?
This happens when a price is set above the equilibrium point...
What is a surplus?
Companies that sell identical products and are known as "price takers" are considered a part of this type of market structure, although it doesn't really exist in reality...
What is Perfect Competition?