The Basics
The study of how individuals, businesses, and nations can best allocate their limited resources to fufill unlimted wants and needs.
What is Economics?
These four concepts represent what economists call the Factors of Production.
What is Land, Labor, Capital, and the Entrepreneur?
how much a particular product can be produced given the limited amount of resources a company has.
What is production possibility frontier?
The principles and ideas used by societies to answer the three basic economic questions.
What are Economic Systems?
The first form of hard currency used in history was called this.
What is the Shekel?
What is Scarcity?
The tools used by individuals to produce goods can best be described as this Factor of Production.
What is Capital?
adding another factory or company.
What is an example of economic growth?
An Economic system that relies on barter and is best suited for small groups that meet only their basic needs to sustain life.
What is a Traditional Economy?
US currency is not made from paper but this more durable material.
What is Cotton and Linen?
What is What to Produce? How to Produce? and Who will Use/Consume it?
This definition would most accuratley describe the Entrepreneur Factor of Production.
What is an individual or group that takes a risk to introduce and new idea?
a production possibility frontier that is impossible.
What is overproduction or producing the maximum of two products at the same time?
Competition is the driving force of this economic system and leads to great innovation, but also opens the door for inequity (unfair wealth distribution)
What is a Free Market Economy?
One of the first standards of value to be recorded was this odd source. Especially when considered the cost of a knife was recorded as three and a half.
What are Goats?
What is a Trade-Off?
The main way for capital to become more efficient and increase the Production Posibilities of a company is this.
What is innovation or new technology?
In this economic system the government and only the government answers the three basic questions and controls all Factors of Production?
What is a Command Economy?
The first society to develop a form of paper money backed by precious metals can be found in this modern day country.
What is China?
Economics originally comes from this Greek words which bears this meaning _______ ___________
(Word and Meaning)
What is Oikonomia and Household Managment?
Land can best be described as...
What are all natural resources in their original form?
located inside the production possibility curve and represents a level of production that is inefficient.
What is underproduction or underutilization?
The US can best be described as currently having this form of Economic System. (Be as specific as possible)
What is a Mixed Economy leaning towards Free Market (Capitalism)?
The name money comes from Middle English: from Old French "moneie", from Latin "moneta" meaning "mint, money", originally a title of this Roman goddess in whose temple Roman money was minted (made).
Who is Juno?