INABILITY TO SATISFY ALL WANTS AT THE SAME TIME; CHOICES NEED TO BE MADE BECAUSE OF LIMITED RESOURCES
What is SCARCITY
100
ECONOMIC DECISIONS BASED ON CUSTOM & HISTORICAL PRECEDENT; KIDS PERFORM SAME TYPE OF WORK AS THEIR PARENTS/GRANDPARENTS
What is TRADITIONAL ECONOMY
100
TYPE OF ECONOMY IN THE US
What is MIXED ECONOMY
100
AMOUNT OF GOOD OR SERVICE CONSUMERS ARE WILLING & ABLE TO BUY AT A CERTAIN PRICE
What is DEMAND
100
THE INTERACTION OF SUPPLY & DEMAND DETERMINES THIS
What is PRICE
200
SELECTION OF AN ITEM OR ACTION FROM A SET OF ALTERNATIVES
What is CHOICE
200
INDIVIDUALS & BUSINESS ARE OWNERS & DECISION MAKERS FOR PRIVATE SECTOR (make a profit); GOVERNMENT IS OWNER & DECISION MAKER FOR PUBLIC SECTOR (nonprofit - paid for with taxes); MOST ECONOMIES TODAY
What is MIXED ECONOMY
200
PRICES IN A MIXED ECONOMY ARE DETERMINED BY THIS
What is SUPPLY & DEMAND
200
EARNINGS AFTER ALL EXPENSES HAVE BEEN PAID
What is PROFIT
200
STUDY OF THE PRODUCTION, DISTRIBUTION, & CONSUMPTION OF GOODS & SERVICES
What is ECONOMICS
300
WHAT IS GIVEN UP WHEN A CHOICE IS MADE
What is OPPORTUNITY COST
300
PRIVATE OWNERSHIP, PROFIT MOTIVE, CONSUMER SOVEREIGNTY, INDIVIDUAL CHOICE, MINIMAL GOVERNMENT INVOLVEMENT IN ECONOMY
What is FREE MARKET ECONOMY
300
INDIVIDUALS & BUSINESSES HAVE THE RIGHT TO OWN THIS AS A MEANS OF PRODUCTION WITHOUT UNDUE INTERFERENCE FROM THE GOVERNMENT
What is PRIVATE PROPERTY
300
THE USE OF GOODS & SERVICES
What is CONSUMPTION
300
COMPETITION BETWEEN PRODUCERS/SELLERS RESULTS IN THESE TWO THINGS
What is BETTER QUALITY GOODS/SERVICES & LOWER PRICES
400
THINGS THAT INCITE OR MOTIVATE US TO CHANGE OUR ECONOMIC BEHAVIOR
What are INCENTIVES
400
CENTRAL OWNERSHIP OF PROPERTY/RESOURCES, LACK OF CONSUMER CHOICE
What is COMMAND ECONOMY
400
RIVALRY BETWEEN PRODUCERS AND/OR SELLERS
What is COMPETITION
400
THE AMOUNT OF A GOOD OR SERVICE PRODUCERS ARE WILLING & ABLE TO SELL AT A CERTAIN PRICE
What is SUPPLY
400
INDIVIDUALS & BUSINESSES ARE OWNERS & DECISION MAKERS FOR THIS SECTOR
What is PRIVATE SECTOR
500
COMBINING HUMAN, NATURAL, CAPITAL, AND ENTREPRENEURSHIP RESOURCES
What is PRODUCTION
500
THREE BASIC QUESTIONS OF ECONOMICS
What is WHAT will be produced, WHO will produce it, & FOR WHOM will it be produced
500
CONSUMERS DETERMINE THROUGH THEIR PURCHASES WHAT GOODS & SERVICES WILL BE PRODUCED
What is CONSUMER SOVEREIGNTY
500
FOUR RESOURCES USED AS FACTORS OF PRODUCTION
What is NATURAL, HUMAN, CAPITAL, & ENTREPRENEURSHIP
500
GOVERNMENT IS OWNER & DECISION MAKER FOR THIS SECTOR