Random: Column I
The science that studies the choices of people trying to satisfy their wants in a world full of scarcity:
economics
Natural resources such as fossil fuels, mineral deposits, wheat fields, water, and fish are considered which factor of production?
land
This is an economic word for something that does NOT work; does not serve a purpose; brings dissatisfaction or unhappiness:
disutility
An economy that is neither purely capitalist nor purely socialist/communist; an economy that has a mixture of elements of both capitalism and socialism. Most countries in the world have this type of economic system:
mixed economy
What are the five features of free enterprise/capitalism?
(1) private property (2) choice/freedom to choose, (3) voluntary exchange, (3) competition, (4) economic incentives
What are some examples of goods?
books, cars, clothing, computers, tables, umbrellas (tangible items)
What are the five factors of production?
(1) land, (2) labor, (3) capital, (4) technology, (5) entrepreneurship
This factor of production is the special talent that some people have for searching out and taking advantage of new business opportunities; develop new products or new ways of doing things; someone who starts their own business:
entrepreneur (entrepreneurship)
The USA is technically a mixed-market economy because there are some gov’t regulations. However, which type of economic system does the USA MOSTLY have?
free enterprise/free market/capitalism
In your own words, please explain economic profit and economic loss.
Class discussion: Short response...answer in your own words. Example about buying 40 bottles of water at Sam's club for $4.00 and selling the water for $1.00/bottle. Our PROFIT is $36.00.
Attorneys, bankers, doctors, landscapers, and teachers provide a __________.
service
The work that people do; the physical and mental talents that people contribute to the production of goods and services
labor
The way in which a society decides what goods to produce, how to produce goods, and for whom goods will be produced refers to the countries ________________ system.
economic
Who is the economist who believed that the gov’t should NOT intervene in the economy? He believed that self-interest causes people to work hard. He believed that competition keeps prices down and quality up. He wrote “Wealth of Nations” in 1776.
Adam Smith
What are the pros and cons of globalization? Explain.
Class discussion
Knowledge gained after learning a new computer skill is referred to as__________ __________.
human capital
Stuff that makes a business become a business, an example is that we open a restaurant, we need tables & chairs, kitchen equipment; Other examples are machinery and factories:
capital
In this type of economic system, people are allowed to own private property. Individuals and corporations, NOT the gov’t own most of the factors of production.
free enterprise/free market/capitalism
The idea that economic agents in any given part of the world are affected by events elsewhere in the world; We get Audi, BMW, Mercedes, & Volkswagen from Germany. We get Honda and Toyota from Japan. We get Hyundai and Kia from South Korea. Red baskets sold at Dollar Tree are made in China. Sirius XM customer service telephone agents are in the Philippines.
globalization
What have you learned in this class since the beginning of the semester? Your answer on the test must be at least three (3) sentences.
Class discussion
__________ is the root cause of all economic problems and forces people to decide what is most important; this will always exist.
scarcity
This word means useful in economics; bringing satisfaction or happiness; something that works:
utility
An economic system in which the government owns most of the resources (NOT the people):
socialism (communism)
True or false: In American free enterprise/capitalism, people are allowed to own private property.
In your own words explain how content learned in U.S. Government last semester is related content learned in Economics this semester.
Class Discussion: The Declaration of Independence, Bill of Rights, and Constitution allow people to own private property.