Scarcity and the Science of Economics
Basic Economic Concepts
Economic Choices and Decision Making
Economic Systems
100
The condition that results from society not havning enough resources to produce all the things people would like to have.
What is scarcity.
100
Manufactured goods that are used to produce other goods and services
What is capital goods
100
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
What is opportunity cost
100

An organized way of providing for the wants and needs of their people

What is an Economic System

200

The measure of the amount of output gained from one unit of input

What is productivity?

200

Goods intended to be consumed

What are consumer goods?

200

A cost you have already paid and cannot recover

What is sunk cost?

200
A system in which the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom.
What is a traditional economy
300
Name the Factors of Production.
What is land, capital, labor, and entrepreneurs.
300
The measure of the amount of output produced by a given amount of inputs in a specific period of time.
What is productivity
300

Measuring the upsides and downsides of making a choice

What is cost-benefit analysis?

300
A system in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions.
What is a command economy
400
The 3 basic questions one must ask when making wise economic decisions.
What is what to produce, how to produce, and for whom to produce.
400

A tractor is this type of good

What is a capital good?

400

A type of economy in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions

What is a Mixed Economy

(also accept Free Market)

400
A system where people and firms act in their own best interests to answer the WHAT, HOW, and FOR WHOM questions.
What is a market economy
500

The name for the skills and education possessed by workers

What is human capital?

500

The concept that assumes people do what is best for them

What is rational self-interest?

500

Three categories of economic decision-makers

What are households, firms, and the government?

500
The United States has this type of economy
What is a mixed economy
M
e
n
u