Economics Basics
What is the study of how individuals and societies choose to allocate scarce resources to meet their needs and wants?
What is resource allocation.
What is an economic system characterized by private ownership of resources and the means of production, where goods and services are produced for profit?
What is capitalism?
What is the total amount of a good that producers are willing and able to sell at different prices?
What is supply?
What is the process of distributing available resources among various uses or individuals?
What does resource allocation mean?
What is the platform we meet on virtually?
What is zoom and/or ilearn?
What is a situation in which one thing must be given up in order to obtain another?
What is a trade-off?
What is an economic system where the government makes all decisions about the production and distribution of goods and services?
What is a command economy?
What is the quantity of a good or service that consumers are willing and able to purchase at various prices?
What is demand?
What is to weigh the benefits and costs of different choices when making decisions?
What is the purpose of trade-offs?
What is the document that tells us about what we can expect to learn in this class?
What is the syllabus?
What is an economic principle stating that the price of a good or service is determined by the relationship between supply and demand?
What defines the law of supply and demand?
What is a political and economic ideology advocating for a classless system in which all property is publicly owned and managed by the government?
What is communism?
What is an economic system in which decisions regarding investment, production, and distribution are based on supply and demand?
What is a market economy?
What is it forces individuals and societies to consider what they must give up to obtain something else?
How does opportunity cost impact decisions?
What is the day Ms. Husson grades submitted work from this class?
What is Monday?
What are places or systems where buyers and sellers interact to exchange goods and services?
What is the definition of a market?
What is an economic system that incorporates elements of both capitalism and socialism, combining private and public ownership?
What is a mixed economy?
What is the prices are determined when the price of a good or service is good for the seller and the buyer?
What is the price equilibrium?
What is it drives the need to allocate resources efficiently?
What is the role of scarcity in economics?
How many units are in this class?
What is 5 units?
What is the value of the next best alternative that must be forgone when making a decision?
What is opportunity cost?
What is an economic system where the means of production and distribution are owned or regulated by the community as a whole?
What is socialism?
What are consumer preferences, income levels, and the prices of related goods?
What are the factors affecting demand?
What is it ensures that resources are used efficiently to meet needs and wants?
What is the significance of resource allocation?
What is the expectation for your camera when you are on zoom during class?
What is "having your camera turned on?"