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100
What is an example of land/natural resources
Crops, oil, soil, seed, dirt etc
100
Refers to a situation where the quantity supplied of a good or service is not very responsive to changes in its price.
Supply Inelasticity
100
Who is the Entrepreneur that owns Tesla
Elon Musk
100
Measures how sensitive the quantity supplied of a good or service is to a change in its price.
Supply Elasticity
100
Refers to the financial gain that a business or individual earns from their activities after accounting for all costs and expenses.
Profit
200
In economics refers to the satisfaction, pleasure, or benefit that individuals derive from consuming goods and services.
Utility
200
Is the total amount of money a firm receives from the sale of its goods and services.
Total Revenue
200
Refers to something that motivates or encourages people to take a certain action.
Incentives
200
A key concept in economics that refers to the value of the next best alternative that you give up when you make a decision. It’s the cost of choosing one option over another.
Opportunity Cost
200
How long has it been since the Federal Minimum wage of $7.25 has been implemented?
July 24th, 2009 - present time (2025
15 or 16 years
300
Is an economic principle that refers to the decrease in the additional satisfaction or utility a person derives from consuming one more unit of a good or service as the quantity consumed increases.
Diminishing Marginal Benefit
300
This Economic System is found in countries like USA, Canada, and England
Mixed Economic System
300
Refers to the mutual reliance between individuals, businesses, or countries on each other for goods, services, and resources.
Interdependence
300
Is a systematic process used to evaluate the total costs and benefits of a decision, project, or policy to determine if it is worthwhile.
Cost-Benefit Analysis
300
In economics refers to a market structure where only one firm or producer controls the entire supply of a product or service.
Monopoly
400
These are the questions all nations must ask when dealing with scarcity and efficiently allocating their resources. They are:
What to produce?
How to produce?
For whom to produce?
400
is the lowest legal wage that an employer can pay an employee for their labor. It is set by the government to ensure that workers are paid a fair, basic wage that meets a minimum standard of living.
Minimum Wage
400
This Economic System is found in controlled Countries like China and Cuba
Command Economic System
400
This factors of production refers to the effort expended by an individual to bring a product or
service to the market.
Labor
400
This factors of production is the secret sauce that combines all the other factors of
production into a product or service for the consumer market.
Entrepreneurship
500
This Economic system is found in rural, underdeveloped countries like
– Vanuatu
– Pygmies of Congo
– Eskimos & Indian tribes
– Belarus
Traditional Economy
500
In this factors of production this refers to the purchase of goods made with money in production.
Captial
500
The fundamental concepts in economics that explains how prices and quantities of goods and services are determined in a market.
Supply and Demand
500
Refer to the additional satisfaction, value, or benefit gained from consuming one more unit of a good or service.
Marginal Benefits
500
This economic system, the main decision maker is the government. No person may independently decide to open and run any kind of business.
Command Economic System
600
This factor of production and can take on various
forms, from agricultural to commercial real estate to the resources available from a particular piece of
Land
600
Economic systems are divided up into four basic types. These types are:
Traditional System, Market Systems, Mixed System, & Command Systems
600
A few large sellers work either together or in competition in contorol of the market
Oligopoly
600
This economic system is one in which a nation's economic decisions are the result of
individual decisions by buyers and sellers in the marketplace.
Market Economic System
600
What are the two oligopoly
Competitive and Collusion
700
In this economic system, some goods and services are produced through free-market. At the same time, the government plays a role in regulating or providing certain goods and services
Mixed Economic System
700
Refers to the additional cost incurred when producing one more unit of a good or service.
Marginal Cost
700
Is a government-imposed minimum price on a good or service. It sets a lower limit on how low the price can go in the market
Price Floor
700
Refers to the situation where the quantity supplied of a good or service exceeds the quantity demanded at a particular price level.
Surplus
700
A fundamental concept in economics, referring to the basic fact that resources (such as time, money, labor, and raw materials) are limited
Scarcity
800
Is a government-imposed limit on how high the price of a good or service can be charged in the market.
Price Ceiling
800
A large number of companies compete for consumers in the market.
Perfect Competition
800
This economic system is one in which people's economic roles are the same as
those of their parents and grandparents.
Traditional Economic System
800
Refers to the system of production, distribution, and consumption of goods and services within a society or geographic area.
Economy
800
Refers to a situation where the quantity demanded of a good or service exceeds the quantity supplied at a given price. This typically occurs when the price of a good is set below the equilibrium price
Shortage
900
Is the study of how societies, businesses, governments, and individuals allocate limited resources to meet their needs and desires.
Economics
900
Measures how sensitive the quantity demanded of a good or service is to changes in its price. In simpler terms, it tells us how much the amount people are willing to buy changes when the price changes.
Demand Elasticity or Elasticity
900
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers. At this price, there is no shortage or surplus in the market.
Equilibrium or Equilibrium Price
900
What are the "four factors of production?"
Land/Natural Resources
Labor
Capital
Entrepreneurs
900
Refers to the process of deciding how to distribute limited resources (such as time, labor, capital, and natural resources) among competing uses in an economy.
Resource Allocation
1000
In economics this refers to the quantity of a good or service that consumers are willing and able to purchase at various prices over a given period of time.
Demand
1000
Refers to the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices, over a specific period of time.
Market Demand
1000
As the price of a good or service increases, the quantity demanded by consumers decreases, and vice versa, all else being equal.
Law of demand
1000
Refers to the quantity of a good or service that producers are willing and able to offer for sale at various prices during a certain period of time.
Supply
1000
Refers to a situation where the quantity demanded of a good or service is relatively unresponsive to changes in its price. In other words, when the price of an inelastic good changes, the quantity demanded does not change significantly.
Demand Inelasticity or Inelasticity