Vocab
What is the economic term for choosing one thing over another?
Tradeoff
What is the term for the study of how people choose to use their limited resources to satisfy their unlimited wants?
Economics
What term refers to a lack of something that is desired, a condition that occurs when there is less of a good or service available than people want at the current price?
Shortage
This type of economics focuses on the workings of an economy as a whole?
Macroeconomics
Who wrote the book The Wealth of Nations, which describes how competition is the key to a healthy economy?
Adam Smith
This type of economic analysis describes how things are.
Positive Economics
This term refers to the condition that results because people have limited resources, but unlimited wants.
Scarcity
This term refers to the time and effort people devote to producing goods and services in exchange for wages.
Labor
This type of economics looks at economic decision making by individuals, households, and businesses?
Microeconomics
Which side of a check would you sign if you are receiving the check?
The back
This type of economic analysis describes how things should be done?
Normative Economics
This term refers to a system used to manage limited resources for the production, distribution, and consumption of goods and services.
Economy
What is the term that refers to what you spend in money, time, effort, or other sacrifices to get?
Cost
List the 4 roles of an entrepreneur in the production process.
Innovator, Strategist, Risk-taker, Spark-plug
What do you write on a check if you no longer need it?
This term refers to the willingness to take the risks involved in starting a business.
Entrepreneurship
What is the term that is a measure of the output of an economy per unit of input?
Productivity
What is the term that refers to something that motivates a person to take a particular course of action?
Incentive
True or false: The value of natural resources depends on someone knowing how to plug them into the production process.
True
Which economic principle best explains this scenario: If a free lunch is offered to you, someone has to pay for a meal. In making that choice, someone had to go without something-else?
Scarcity forces tradeoffs
What is the term for the production piece that consists of the tools, machines, and buildings used in the production of other goods and services?
Capital
What is the term that refers to what you gain from something in terms of money, time, experience, or other improvements in your situation?
Benefit
This term refers to any arrangement that brings buyers and sellers together to do business with each other?
Market
Complete this equation: land + labor + capital = ?
Goods and services
In your notebook draw and write a check to Mr. McKenzie for rent worth $1,467.88
First team to raise their hand and write it correctly will receive the points.
!