What is Economics?
Types of Economies
Circular Flow Chart
Vocabulary
Fundamental Economic Concepts
100

Define 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?

Resources are limited, and human wants and needs are virtually limitless.

100

These include Land, Labor, and Capital.

What are the factors of production?

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

Giving up one thing to gain another because of scarce resources.

What are Trade-Offs

200

Iron ore is this factor of production.

What is Land?

300

What is the tool Economists use to illustrate the points of production for an economy for two different items.

What is the Production Possibility Frontier. (graph/model)

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

The value of the next best alternative not picked when a decision is made.

What is opportunity cost?

300

Adam Smith wrote this important work on Economics.

What is Wealth of Nations?

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

Individuals, businesses, or countries focus on producing a specific good or service in which they have a comparative advantage.

What is specialization?

400

What are the 3 basic economic questions?

  1. What goods and services should be produced?

  2. How should these goods and services be produced?

  3. Who gets these goods and services?

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.
500

Define laissez-faire.

What is advocating for minimal government intervention in economic affairs. 

500

Over-fishing and deforestation are examples of this economic concept.

What is the Tragedy of the Commons?

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