Matching
Is a non profit association providing an economic activity for the benefit of its members.
What is a cooperative.
What are the three major economic questions that governments and/or businesses need to answer before deciding what is to be produced?
List the three major economic systems.
What is command economy, traditional economy, and market economy.
Is considered the founding father of capitalism.
Who is Adam Smith
Food is a need, how can food also be a want?
What is: You need food to survive, but if you fill that need with pizza because you want to eat it, it becomes a want.
Explain the idea of the paradox of value.
What is when something that is necessary for survival, such as water, is worth less than a diamond, which is not essential.
Is anything that is used in the production of goods.
What is capital resource.
Which of the following is not a goal of a labor union:
Better pay
Better Technology
Better Fringe Benefits
Better health insurance
What is better technology
Describe the advantages of specialization./
Payment made to stockholders, usually quarterly, representing corporate profits.
What is dividend.
Adam smith would have endorsed which belief:
Any economy without gov't intervention will grow and thrive
Some regulations are necessary in order to maintain a balance between business, welfare of workers, and cleaner safer environment
What is "any economy without any government intervention, will grow and thrive"
Describe the nature of opportunity cost.
When you give up one thing for another, such as you give up schooling and additional education if you drop out to immediately work and make money. You are making more money now, but giving up making more due to higher education later on.
Are established to provide workers with greater pay, better working conditions, etc.
What is a labor union.
What factors would improve a human resource?
What are education, experience, on the job training, etc.
Explain the concept of scarcity and how it dictates all economic decisions.
All resources are scarce. The fundamental economic questions are asked in relation to the scare resource at hand. How will we utilize the world's scarce resources to meet the wants and needs of the people?