Terms
Situations
Types of Economies
Decision Making
Miscellaneous
100
The fundamental economics problem.
What is scarcity?
100
A waitress brings you a soda. This is an example of...
What is service?
100
Economy where government makes all the decisions.
What is a command or centrally planned economy?
100

Alternatives that people face when making choices.

What are opportunity costs or trade-offs?

100

Land, water, timber, and other raw materials.

What are natural resources?

200
IPod vs. food/ shelter
What is a want versus a need?
200
The t-shirt you bought at the mall is an example of...
What is a good?
200

He was a philosopher who believed in the free market and the "invisible hand".

Who was Adam Smith?

200

A desire for material things or services that people are willing to pay for is...

What is a want?

200

Items that result from creative labor or ideas, such as songs, computer ideas, design concepts, etc.

What is intellectual property?

300
The three basic economic questions.
What is "what to produce", "how to produce", and "for whom to produce"?
300
Jerry wanted to buy a new t-shirt that costs $45. He would have to cut grass for 9 hours in order to buy the shirt. Jerry decided to shirt was too expensive because he would have to work too long to purchase it. The time it would take to earn the money for the shirt is Jerry's ________________?
What is opportunity cost?
300
Governement that combines governement control and consumer choice.
What is a mixed economy?
300
An example of opportuinity cost in your life.
Answers will vary
300

The division of tasks among workers by people doing the jobs they do best.

What is specialization?

400

What is the purpose of studying economics?

To learn to make better decisions

400
Jane opened a new restaraunt in Jamestown. Jane is now a _____________________.
What is entrepreneur?
400
Economic system that most closly fits the US economy.
What is a mixed economy?
400

What is the first thing to understand about economics?

All goods and services have to be worked for.

400

As one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease.

What is diminishing marginal utility?

500

An arrangement that allows buyers and sellers to exchange things.

What is a market?

500
A producer is now using rocky, infertile soil that could be better used for a factory. The field is yielding fewer watermelons than the fertile fields.
What is increasing opportunity costs
500

An economy based on tradition, culture, and passed down from one generation to another.

What is a traditional economy?

500

True or False?  There is NOT an unlimited supply of any good.


TRUE

500

Tastes and preferences, income, population, prices of related goods, and consumer expectations.

Five (5) key factors that can shift the demand curve.

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