Who are you to make demands?
I like my steaks medium rare
Back in my day
The Cutting Edge
Show me the Means of Production
100
This basic economic problem exists because resources are limited but people’s wants are unlimited
What is Scarcity
100
This is a type of economy where the government is practically not involved
What is a free market?
100
This economic term describes a general rise in prices over time, reducing the purchasing power of money
What is inflation?
100
New ideas, inventions, and improved processes that increase efficiency in the economy fall under this concept
What is innovation?
100
These are naturally occurring goods that can be used by humans
What are natural resources?
200
This term describes what you give up when you choose one option over another.
Opportunity Cost
200
This is where demand and supply meet on a graph
What is the equilibrium point?
200
This can happen if demand is lower than supply
What is a surplus?
200
This is something you could not do within a traditional economy
What is choosing your profession
200
A factory is an example of this factor of production
What is capital?
300
This group of people is responsible for using resources to create goods and services that others will buy
Who are Producers?
300
In a Command economy, this is who makes decisions for everyone
Who is the government?
300
This term describes how much of a good consumers want
What is demand?
300
This was how human beings lived for hundreds of thousands of years
What was hunter-gathering?
300
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What is entrepreneurship?
400
These things are not negotiable if you want to live
What are needs?
400
This is the type of economy most countries use today
What is a mixed economy?
400
What is a shortage?
400
A student who practices coding, studies engineering, or learns a trade is investing in this
What is human capital?
400
These are the actions humans take to create goods and services
What is Labor?
500
This group of people buys and uses goods and services
Who are Consumers?
500
This is a country that has or had a planned economy
Who is the Soviet Union and/or North Korea?
500
If a product can't find anyone to buy it, this would happen to its price
What is Deflation?
500
This type of economy was replaced by capitalism
What was feudalism?
500
a system is which economic activity is driven by competition between private businesses
What is a Market Economy? (AKA Capitalism)