Producers/Consumers
A nondurable good is one that lasts...
Less than 3 years
Another word for Scarce
Limited, Rare
Socialism includes more __________ control in the economy
Government
Opportunity cost is what you ____ ___ on when you make a choice
Lose out/miss out
Name one thing that influences your decision to buy something as a consumer.
Price, reliability, popularity, utility, quantity, quality, etc.
The ____ to information, compensation, and choice are all parts of consumer protections.
Right
Diamonds being expensive and food being inexpensive represents the _______ of value
Paradox
Name one benefit of Free Enterprise Capitalism
Consumer/producer freedom to make a choose, private property rights, innovation/progress, most efficient way to generate wealth, etc.
Points outside of the curve are seen as...
Impossible
Name one of my top 5 favorite comedians
Shane Gillis, Theo Von, Dave Chapelle, Jeff Leeson, Norm Macdonald
Splitting up the work so that it is done by different groups/people
Division of labor
The acronym TINSTAAFL stands for...
There Is No Such Thing As A Free Lunch
Name one country that would have a Mixed-Market economy
Ex: USA, Canada, Mexico, South Africa, Ireland, Germany, Kenya, France, Japan, Sweden, Norway, Nigeria, Greece, South Korea, etc. (Most countries)
When "packing for a river trip", you had to decide what to pack and fit in 20 square feet. What is my opportunity cost if I choose a sleep spot over a kitchen kit?
THE KITCHEN KIT1111
If you are harmed by a product, you may be entitled to financial ___________
Compensation
Doing what a worker does best or most efficiently is known as this principle of production
Specialization
Economics is the study of ________
Choices/decisions
Give on characteristic of a traditional economy
Rooted in culture, customs, tradition, and needs to sustain life. (Barter/trade, hunt/fish)
Points on the curve are seen as...
Efficient
How many states require fees to vote? (poll taxes)
None, poll taxes were made illegal in 1964 via the 24th amendment.
Name the 4 factors of production
Land, labor, capital, entrepreneurship
This man wrote "The Wealth of Nations" and advocated for free market economies.
Adam Smith
Define Capitalism
An economic and political system in which a country's trade and industry are controlled by private owners for profit
Points beneath the curve are seen as...
Inefficient
Name one relevant issue/topic related to the U.S. economy now
Inflation, healthcare, DOGE, federal debt/deficit spending, wealth gaps, poverty, taxes/tax rates, housing affordability, fiscal and monetary policy debates