Basics of econmics
Trade-offs/opportunity cost
Free market economy
The free enterprise system
100
This is a term that describes a limited amount of resources
What is scarcity.
100
This phenomenon describes all the alternatives we give up whenever we choose on course of action over another.
What is a trade-off.
100
This term describes a system where consumers and producers are free to buy and sell what they wish.
What is a free market economy.
100
This principle of a free enterprise system describes how businesses run their businesses in a way to maximize their profits.
What is a profit motive.
200
This term generally describes a tool used to make a good/product.
What is a resource.
200
This phenomenon describes the most desirable option we give up as the result of our decisions.
What is an opportunity cost.
200
This key key player of the free market economy owns the factors of production and generates the consumers.
What is the household.
200
This principle of a free enterprise system describes how everyone in the free enterprise system has an opportunity to compete.
What is an open opportunity.
300
This term describes the "natural" resources found in nature.
What is a Land resource.
300
This phenomenon describes the situation where we have to consider adding or subtracting a unit whenever we make a choice.
What is thinking at the margin.
300
This key player of the free market economy turns the resources into products ready for sale.
What are businesses.
300
In the free enterprise system, legal equality is also known as this term.
What is economic rights.
400
This term describes the effort a worker puts into a task in order to produce a good.
What is a labor resource.
400
Jacob decided to go to afterschool tutoring and miss his favorite television show, dragonball z. This was the opportunity cost of his decision.
What is dragonball z.
400
This advantage of the free market economy describes how the free market economy is able to rapidly respond to changing condition.
What is economic efficiency.
400
This advantage of the free market economy/free enterprise system describes the phenomenon where competition leads to new inventions and innovation.
What is economic growth.
500
This is the economic term for a resource
What is factors of production.
500
A screwdriver best describes what type of resource?
What is a physical capital.
500
This advantage of the free market economy describes how workers are free to produce what they want while consumers are free to consume what they want.
What is economic freedom.
500
Along with being referred to as "a free market economy" a free enterprise system is also referred to as this.
What is capitalism.
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