Scarcity
Opportunity Cost
Trade-Off's
Economic Systems
Miscellaneous
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

This is the name for the next best alternative given up when a choice is made.


What is opportunity cost?

100

This term refers to all the alternatives that are given up when making a decision.


What are trade-offs?

100

This economic system relies on customs and traditions to make production decisions.


What is a traditional economy

100

This is the study of how individuals and societies make choices under conditions of scarcity.


What is economics

200
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.
200

If you choose to spend $10 on a movie ticket instead of a book, this is the opportunity cost.


What is the book?

200

When a business decides to use its resources to produce cars instead of trucks, this is an example of a...


What is a trade-off?

200

In this type of economy, the government makes all major economic decisions.


What is a command economy

200

A person who starts a business by using land, labor, and capital is known as this.

What is an entrepreneur

300
Name the Factors of Production.
What is land, capital, labor, and entrepreneurs.
300

A person decides to attend college instead of starting a job. This is the opportunity cost of attending college.


What is the income from working a job?

300

If you spend your time playing video games instead of studying, this is the trade-off.


What is studying?

300

In this economic system, businesses compete freely with little government interference.


What is a market economy

300

This type of cost includes everything you give up when you make a decision, not just the money spent.


What is total cost

400
The dollar value of all final goods and services.
What is Gross Domestic Product (GDP)
400

The opportunity cost of choosing to sleep for an extra hour instead of studying for a test could be this.


What is a lower test score?

400

Countries face trade-offs when they must decide between spending on this versus spending on consumer goods

What is military defense (or defense spending)?

400

This mixed economy combines elements of both market and command economies.


What is a mixed economy

400

The principle that explains why businesses cannot produce unlimited amounts of goods and services.


What is scarcity

500

This term refers to the decision-making process of allocating limited resources to satisfy various wants.


What is resource allocation?

500

This is the reason opportunity cost is such an important concept in economics.


What is "it helps individuals and businesses make informed decisions by considering what they give up when they make a choice"?

500

Choosing to work an extra shift instead of attending a family gathering is an example of a trade-off involving this resource.

What is time?

500

The concept of scarcity applies to all economic systems, but these two economic systems approach resource allocation very differently.


What are command and market economies

500

This concept explains why societies must answer the three basic economic questions: What to produce? How to produce? For whom to produce?


What is resource scarcity

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