An economic system in which individuals (not government) own most, if not all, the resources and control their use. Government plays a very small role in the economy.
What is free enterprise?
100
The condition in which our wants are greater than the resources available to satisfy those wants.
What is scarcity?
100
A situation in which more of one thing necessarily means less of something else.
What is trade-off?
100
An explanation of how something works, designed to answer a question for which there is no obvious answer.
What is a Theory?
100
Produced goods that can be used as resources for further production. Such things as factories, machines, and farm tractors are capital.
What is capital?
200
An economic system in which government controls and may own many of the resources. Government plays a major role in the economy.
What is socialism?
200
People have more wants than there are less resources available.
What is the relationship between the wants and resources in scarcity.
200
An economy in which economic actions taken anywhere in the world may affect an individual’s standard of living.
What is global economy?
200
Economic Theory.
Economics build a(n) ___________ to explain certain economic issues.
200
The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
What is entrepreneurship?
300
Capitalism or Market economy.
What is another name for free enterprise economy?
300
The most highly valued opportunity or alternative forfeited when a choice is made.
What is opportunity cost?
300
The branch of economics that deals with human behavior and choices as they relate to relatively small units-an individual, a business firm, or a single market.
What is microeconomics?
300
Because economists need to try to explain certain economic issues in order to begin to understand them.
Why build theories for questions that have no obvious answers?
300
Payment to capital.
What is interest?
400
Free enterprise
In which economic system are the prices allowed to fluctuate more?
400
A means for deciding who gets what portion of the available resources and good.
What is rationing device?
400
The branch of economics that deals wit human behavior and choices as they relate to the entire economy.
What is macroeconomics?
400
By how well they predict, than by how well they seem or sound to us.
How are theories judge?
400
Payment to the entrepreneurship.
What is profit?
500
A government program specifying economic activities, such as what goods are to be produced and what prices will be charged.
What is an economic plan?
500
Scarcity
Competition is a consequence of?
500
Intended Effect and Unintended Effect.
For every economical action, there will always be two kinds of effects. What are the names of those effects?
500
Computers
Theories predict more accurately today, thanks to the advanced technology of _________?
500
Profits.
A business will thrive if the entrepreneurship gets more _______ than the rent he pays.