Random
Economic Systems
Basics
Consumerism/Credit
100
How societies use limited resources to fulfill unlimited wants
What is economics?
100
The 3 main economic systems
What are traditional, market, and command economies?
100
Something essential for survival
What is a need?
100
Goods that last longer than 3 years
What are durable goods?
200
Where people don't have enough resources to satisfy their every want
What is scarcity?
200
Paying tithes at church
What is traditional economy?
200
The value of the next best alternative given up
What is opportunity cost?
200
Amount originally borrowed from a lender
What is the principal?
300
When quantity supplied is greater than quantity demanded
What is a surplus?
300
Factors of production are controlled by the government
What is a command economy?
300
A car used by a delivery service
What is capital?
300
Can only be used at one store.
What is a charge card?
400
A general partner manages the business
What is a limited partnership?
400
Property owned by individuals rather than the state
What is private property?
400
Ability of people to start a new business
What is entrepreneurship?
400
Extra amount paid for borrowing money
What is interest?
500
How GDP is calculated
What is C+I+G+(X-M)?
500
He said the government should not interfere with the market.
Who is Adam Smith?
500
Demand is higher than supply
What is a shortage?
500
Promise to repair a faulty product
What is a warranty?
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