The study of how people seek to satisfy their wants and needs by making economic choices.
What is ECONOMICS
100
The structure of methods and principles a society uses to produce and distribute g/s
What is economic system
100
This is one way of measuring economic growth, based on all g/s produced by a given country
What is GDP Gross Domestic Product
100
Education, experience and training that enhances factors of production
What is Human Capital
100
The idea that we have limited resources to satisfy our unlimited wants/needs
What is SCARCITY
200
Someone who assumes a lot of risk, invests their personal capital to create a new g/s or add to an existing market
What is ENTREPRENEUR
200
Programs in place to protect people who face unfavorable economic conditions such as layoffs, injuries or natural disasters
What is safety net
200
Given to an inventor, given exclusive rights to produce and sell for 20 years
What is patent
200
any naturally occurring resource that helps create a good or service
What is land
200
Instead of being self-sufficient (trying to make/do every g/s ourselves) we have become ____________ or concentrated on a limited number of activities.
What is specialized
300
The three factors of production
What is land, labor, capital (physical and human)
300
In a command economy, who answers the three economic questions
What is the gov't
300
Technological progress has led to products like records or services like telephone operators to become
What is obsolete
300
The most valuable trade off lost when we make any economic decision
What is opportunity cost
300
a range of economic and political systems based on the belief that wealth should be distributed evenly throughout society
What is socialism
400
The concept of "guns or butter" represents this economic principle
What is trade off or opportunity cost
400
This is the self regulating principle of the mechanism of the market place combining self-interest and competition
What is the invisible hand
400
These can be safety details or other information about a product that helps to inform their decision about whether or not to purchase that g/s
What is public disclosure laws
400
the degree of wealth and material comfort available to a person or community
What is standard of living
400
1934 agency that administers federal laws concerning the buying and selling of securities
What is Securities and Exchange Commission (SEC)
500
What are three benefits of capital
What is Extra time
More knowledge
More productivity
500
What are the three key economic questions
What is what g/s should be produced, how should they be produced, who consumes these g/s
500
Profit Motive is one of the key characteristics of a free enterprise system, name 2 others
What is open opportunity, legal equality, private property, freedom to buy/sell
500
Because of a balance between Free market principles and government regulation, most economies are considered
What is Mixed
500
One of the major goals of gov't policy makers along with high employment and growth: