Why Study Economics?
Economics is all about making...
What are choices?
What are decisions?
Things found on Earth that occur naturally...
What are natural resources?
We have an unlimited amount of...
What are needs & wants?
When a business focuses on producing a specific type of good or service...
What is specialization?
What is the Bill of Rights?
What is a need?
The work that is done to produce something...
What is labor?
We have a limited amount of...
What are resources?
The amount of goods or services workers can produce in a period of time...
What is productivity?
A claim made to dispute a previous claim...
What is a counterclaim?
Needs and Wants are split into 2 categories called...
What are Goods & Services?
Money and/or things needed to produce something...
What is capital?
Every choice we make has...
What are benefits and costs?
Breaking the production process into steps/assigning workers to a specific task is called...
What is division of labor?
What are the 4 ordinal directions?
We must make choices to meet our...
What are basic needs & wants?
The person that starts the business…combines other 3 factors to produce the good/service
What is entrepreneur?
The cost of a missed opportunity...
What is opportunity cost?
Building a reputation/creating a recognizable brand is an example of what...
What is an advantage of specialization?
The kind of government that the UK has...
What is a democratic monarchy?
The study of how people, countries and companies, make choices on buying, selling, using, and distributing things...
What is Economics?
These 4 things are used to make goods & services...
What are capital, natural resources, labor, and entrepreneurship?
The imbalance between unlimited wants/needs and a limited amount of resources is called...
What is scarcity?
To increase productivity, businesses can do these 3 things...
What is trained/educated employees, tools/equipment, and technology?
The customs, arts, social institutions, and achievements of a particular nation, people, or other social group...
What is culture?