Economic Terms
This is the study of how to fulfill consumer needs and wants when resources are scarce.
Economics
This is the tangible item that meets consumer needs.
Goods
Name the 4 Factors of Production.
Land, Capital, Labor, Entrepreneurs
This is a real example of a scarce resource.
Freshwater, arable land, time, energy
This Factor of Production is known as "Gifts of Nature"
Land
This is the diagram that economists use to represent all possible combinations of goods and services to produce.
Production Possibilities Curve
A car is an example of this type of good because its final use is by an individual.
Consumer Good
This is the market where businesses buy what they need to make products.
The Factor Market
Income
This well known car manufacture owner is known for cutting car prices in half through specialization.
Henry Ford
This is the cost of the next best alternative.
Opportunity Cost
What choice do producers help consumers decide?
WHAT to produce.
This Factor of Production is unique because it is the result of production.
Capital
What three choices do producers have to make?
WHAT to produce, HOW to produce, and for WHOM to produce
This man is known for being the Father of Economics.
Adam Smith
The alternative that must be given up when one choice is made over another.
Trade-Offs
What do consumers use when making large economic choices?
Decision Making Model
Name one reason why a producer would choose to use machines over human labor.
Older population, access to machines, want to lower prices of goods.
This Consumer Right lets harmed consumers sue producers.
The Right to Redress
Name one of the two presidents that created the 5 consumer rights.
JFK, Richard Nixon
The contradiction between high value of non essential goods vs. low value of essential goods.
Paradox of Value
Name a consumer.
YOU!
Name a successful entrepreneur today.
Jeff Bezos, Elon Musk, Bill Gates
FINAL JEOPARDY
What does this acronym stand for: TINSTAAFL
There Is No Such Thing As A Free Lunch
What is the name of the book written by Adam Smith, the Father of Economics?
The Wealth of Nations