Fundamentals of Econ
Scarcity and Other Economic Questions
Economic Systems
Factors of Production
Circular Flow Chart
100
Describes a type of good that is used in everyday life.
What is Consumer Good
100
Workers are considered what type of capital?
What is Human Capital
100
Giving people a fair chance to succeed is most associated with what type of economic system?
What is Free Market or Capitalism
100
This describes when a person decides to start a business.
What is Entrepreneurship
100
This describes goods that would be in your household.
What is Private Goods
200
Describes products that are used at your job.
What is Capital Good
200
Identify the following term… An l-shaped graph that shows a combination of two things that you could be doing or making.
What is a Production Possibilities Curve
200
In what type of system does the government own the means of production?
What is Command
200
This describes machinery, equipment or tools used in production.
What is Capital
200
How are public goods paid for?
What is Taxes
300
Taxes leveed by the Government would describe what type of economics?
What is Macroeconomics
300
What is the main economic problem everybody has
What is Scarcity
300
This is the most common type of economic system.
What is Mixed Economic System
300
If a company is getting the most out of its resources in order to produce a good, it would be described as what?
What is Efficient
300
In what market do businesses sell products?
What is Product Market
400
A taxi service, a mechanic fixing your car, an insurance company all describe what?
What is a Service
400
What term describes what a person is giving up to do something else?
What is Opportunity Cost
400
This is the oldest type of economic system.
What is Traditional Economic System
400
This describes the people who are put to work to produce a good.
What is Labor
400
What shows the relationship between the four different markets?
What is the Circular Flow Chart
500
The study of an individual’s personal financial situation would be what type of economics?
What is Microeconomics
500
An individual decides to pay $8 to see a movie instead of buying an $8 meal. What is the opportunity cost of the movie?
The satisfaction missed by not seeing the movie.
500
This person wrote “The Wealth of Nations”
Who is Adam Smith
500
What are the four factors of production?
What is Land, labor, capital, and entrepreneurship.
500
This market provides labor for the factor market.
What is Households
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