Intro
Intro & Economic Systems
Economic Systems
American Free Enterprise
Misc
100
The limited quantities of resources to meet wants and needs
What is scarcity?
100
Using resources in such a way as to maximize the production of goods and services.
What is efficiency?
100
The method used by a society to produce and distribute goods and services
What is Economic System?
100
The rivalry among sellers to attract customers while lowering costs
What is competition
100
The most desirable alternative given up as the result of a decision is an
What is opportunity cost?
200
What is the difference between needs and wants?
What is a need is something necessary for survival; wants are something we desire but is not essential to survival.
200
A graph that shows alternative ways to use an economy's resources
What is Production Possibilities Curve?
200
Economic system in which a central authority is in command of the economy
What is a Command Economy?
200
The force that encourages people and organizations to improve their material well-being
What is profit motive?
200
An alternative we sacrifice when we make a decision
What is a trade-off?
300
What are the three factors of production?
What is Land, Labor & Capital?
300
What is laissez faire?
What is the doctrine that states that government should not intervene in the marketplace.
300
Why does specialization make us more efficient?
What is Specalization allows each of us to focus on individual tasks and not worry about all of our basic needs at once, thus making us more efficient.
300
The study of the behavior and decision making of small units, such as individuals, families, and businesses
What is Microeconomics.
300
Level of economic prosperity
What is Standard of Living?
400
How do economists use the phrase "guns-or-butter"?
What is "Guns or butter" refers to whether a country chooses to produce mor military goods ("guns") or more consumer goods "butter"
400
What are the three main economic questions governments try to ask?
What is What to Produce? How to Produce It? For whom is is produced?
400
Why aren't all people paid the same amount in factor payments for the resources they provide?
What is factor payments differ because societies place different values on different resources and products. A possible example is doctors' wages compared to sanitation works' wages
400
How does Gross Domestic Product (GDP) provide a means to analyze economic growth?
What is A strong GDP reflects a healthy economy; a healthy economy is the result of a well-functioning free enterprise system.
400
How does welfare attempt to raise poor people's standard of living?
What is Welfare attempts to raise poor people's standard of living by collecting tax money from individuals and businesses and redistributing it to people with little or no income.
500
Explain the law of increasing costs.
What is The law of increasing costs states that as a choice is made to switch resources from one product to another, the opportunity cost increases. This is because resources are not equally suitable for all uses.
500
Why do government provide safety nets for their citizens?
What is Governments provide safety nets to fulfill the goal of economic security and predictability.
500
Draw a circular-flow diagram.
What is households spend money that businesses pay their wages with.
500
Why is a free rider a type of market failure?
What is Free riders are market failures because they involve people consuming public goods and services for which they have not paid. This is not an efficient distribution of goods.
500
What is the difference between cash transfers and in-kind benefits?
What is cash transfers provide people with direct payments of money. In-kind benefits provide goods and services free or at reduced cost.
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