What is Economics?
Types of Economies
Circular Flow Chart
Vocabulary
Fundamental Economic Concepts
100
What is Economics?
What is A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants
100
What type of Economy does the United States have?
What is a Mixed Economy
100
On a circular flow chart, what are the types of markets that each interaction goes through?
What is the Product Market and Factor Market.
100
What is the definition of scarcity?
What is the condition that exists when unlimited wants exceed limited productive resources.
100
What is a strategy for allocating scarce resources?
What is rationing, money (prices), or contest/lottery.
200
What are the two major categories of Economics?
What are Micro-Economics and Macro-Economics.
200
What type of economy is based on cultural tradition and social dictation of jobs by an elder/highly ranked member of society?
What is Traditional Economy
200
Name the market through which Households receive wages.
What is the Factor Market
200

This is another way of saying "I'm full."

What is the law of diminishing marginal utility.

200
What is Capital?
What are tools used in labor whether physical or ideal.
300
What is the tool Economists use to illustrate the points of production for an economy for two different items.
What is a Production Possibility Graph.
300
What type of Economy is run solely by the government in almost every aspect?
What is a Command Economy.
300
What do both Firms and Households pay to the government?
What are taxes?
300
Define Subsidy.
What is a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
300
What is Opportunity Cost?
What is the best alternative given up when making a decision.
400
What is Macro-Economics?
What is the branch of Economics dealing with Economies on a massive scale
400
What type of Economy is rarely seen today?
What is a Traditional Economy
400

These two entities need each other to exist in a perfect market system.

What are are Households and Firms.

400

These are the additional costs of using or consuming or adding one more unit of a good or resource.

What is marginal cost.

400
What are the 3 basic economic questions?
What is "What needs to be built?", "How does it need to be built", and "For whom is it produced for?"
500
What types of economics deals directly with personal finance?
What is Micro Economics?
500
Name all of the economies
What are Traditional, Command, Mixed, and Free.
500
What factor of production do households give firms?
What is labor.
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