Jumbled Terms
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What is Scarcity?
The unlimited nature of these joined with the limited availability of resources creates the economic problem of scarcity.
What are needs and wants?
When allocating scarce resources, people tend to meet [blank] first then [blank].
What are needs and wants?
This economic model shows the interactions of individuals in an economy.
What is the Circular Flow Diagram?
This describes the remaining money a business has after it takes care of the costs of producing a good or service.
What is profit?
The Federal Reserve's decision to raise interest rates makes it more challenging for Nokia and Bob to buy their first home together.
What is Principle 4: Economic Institutions Matter?
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What is Opportunity Cost?
Once a list of options is created, this process in step 3 of economic reasoning can help you make the best possible decision.
What is weighing benefits and costs?
Smartphones, Onion Rings, Designer Jeans, Swimming Pools, Ice Cream
What are Wants?
Self-Interest motivates people to be on the look out for these.
What are Opportunities to help themselves and others?
Producer's resources are categorized into these factors of production.
What are Land, Labor, Capital and Entrepreneurial Talent?
Jeff can either get an after school job or join the school debate team.
What is Principle 1: People make choices?
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What is Specialization?
A friend offering to let another friend choose the movie they watch if she comes over that weekend to hang out is an example of this.
What is an incentive?
Engagement in voluntary exchange relaxes the grip of this economic force on individuals and groups.
What is Scarcity?
These are the two options individuals choose between in regards to their income.
What are Consumption and Savings?
This is the sole purpose of production.
What is Consumption?
Darla decides to purchase a footlong sub at Subway in order to earn more reward points towards a free sub.
What is Principle 3: People Response To Incentives In Predictable Ways?
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What is Voluntary Exchange?
Vincenzo loves to read and play video games in his spare time after school. Tuesday he spent the evening reading a new book in his favorite series. An economist would describe his decision not to play videos game that evening as this.
What is an opportunity cost?
When businesses and individuals employ this economic strategy, it makes them dependent on each other but also able to become very good at what they do.
What is Specialization?
An economic scenario where you help others while meeting your needs, satisfying your wants, and pursuing your dreams, making the world become a better place.
What are "Win-Win" Situations?
The United States is an example of this type of economy.
What is Mixed Market?
Joe decides to skip the movie his friends are seeing in order to go to the gym for a workout.
What is Principle 2: All Choices Involve Cost?
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What is Self-Interest?
These types of incentives are penalties that influence a person's choices.
What are Negative Incentives or Disincentives?
Exchange according to economics is only sustainable if these two criteria are met.
What are voluntary and mutually beneficial?
Economists would say life is not a [blank] in which one person's benefit depends on another person's loss.
What is Zero-Sum?
Over half of all businesses in the United States can be described this way.
What are Small Businesses?
Willie works for a small software company where he is gaining valuable experience creating apps for smartphones.
What is Principle 5: Voluntary Exchange Creates Wealth?