Economic Terms
Entrepreneurship
& Specialization
Economic Systems
Miscellaneous
Resources and Efficiency
100
A factory building or machinery
What is an example of capital?
100

A business created by a person or group

What is a entrepreneur(s)?

100
In this type of economic system, children would tend to have the same types of jobs as their parents did.
What is a traditional economy?
100
Someone who invents and sells the rights to manufacture a computer game can be called an......
What is an entrepreneur?
100
Any resources that are made by humans and used to create other goods and services
What is capital?
200
The process of deciding which needs or wants will be satisfied and which resources would be used to fill them
What is allocation?
200

Dividing a huge task into smaller task. 

What is Division of Labor?

200
Type of economy in which the government makes all the decisions
What is a command economy?
200
A free market philosopher who wrote the Wealth of Nations
Who is Adam Smith?
200
The resources to make all goods
What are factors of production?
300
Having unlimited wants and limited resources
What is scarcity?
300

The process of concentrating on becoming an extrept in a particular subject or skill.

What is specialization?

300
To produce and distribute goods and services
What is the main function of an economic system?
300
Approaches economics from the viewpoint of the individual
What is microeconomics?
300

What is another word for Allocation.

What is distribution.

400
Amount generated from sale of goods or services, or any other use of capital or assets, asssociated with the main operations of a firm before any costs or expenses are deducted
What is revenue?
400

Amazon falls into the category of...

What is specialization?

400
Producers of goods and services make diecisions on how to use their resources based on signals from the market
What is a market or capitalist economy
400
Approaches the study of economics from the viewpoint of the economy as a whole
What is macroeconomics?
400
Making profits on sales
What is the incentive that motivates a manufacturer to sell a product?
500

The governing principle that each additional increment of one good requires the economy to give up successively larger increments of the other good

What is The Law Of Opportunity Cost

500

Having 30 students move thirty desk instead of one person moving 30 desk would be considered as...

What is division of labor?

500

What economy does some Americans believe that USA is becoming.

What is a mixed economy.

500
How should goods and services be produced? What and how much should be produced? Who should produce what? Who should share what is produced?
What are the four basic questions of an economic sytem?
500
Greatest output of goods and services through the best use of resources
What is economic efficiency?
M
e
n
u