Terms and Worms
the state of being in short supply; shortage. (total amount allocated)
What is scarcity?
is a type of chart used to visualize the value of something over time. Usually using dots that are connected to show relation
What is a line graph?
the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
What is macroeconomics?
An advantage of a pure market economy is that it
a. has mechanisms for providing public goods
b. allows local communities to set their own economic development
c. provides security to those who are not economically productive
d. prevents unequal distribution of wealth
b. allows local communities to set their own economic development
require (something) because it is essential or very important.
What is a need
is a special chart that uses "slices" to show relative sizes of data.
What is a pie graph?
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
What is Communism? (lol like really, what is it?)
Which is least considered a need?
a. Food
b. Shelter
c. Television
d. Clothing
C. Television
a person who purchases goods and services for personal use.
What is a consumer
is a visual tool that uses ____ to compare data among categories. It may run horizontally or vertically. The important thing to know is that the longer it is, the greater its value.
What is a bar graph?
the part of economics concerned with single factors and the effects of individual decisions.
What is Microeconomics
Which term means “making decisions based on what you believe is the best
combination of costs and benefits?”
a. economizing
b. budgeting
c. cutting back
d. motivating
B. Budgeting
have a desire to possess or do (something); wish for.
What is a want?
Another name for pie chart
What is a circle graph?
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
What is Socialism?
What does the saying “There is no such thing as a free lunch” mean?
a. some things cost nothing
b. most things cost nothing
c. most things cost something
d. everything costs something
D. Everything costs something
is a process by which organizations can analyze decisions, systems or projects, or determine a value for intangibles.
What is Cost-benefit analysis
an economic model that shows the flow of money through the economy.
What is circular flow model?
the transfer of a major branch of industry or commerce from private to state ownership or control.
What is Nationalization?
What does a point inside the curve of a PPC indicate?
a. all resources are fully efficient
b. not all resources are fully efficient
c. more resources are required
d. less resources are required
B.