limited amounts of resources to meet unlimited needs
What is scarcity
100
in a market economy, decisions are made by the
What is the individual
100
A negative externality caused by automobiles
What is pollution
100
any resource made by humans and used to create other goods and services
What is Capital ?
200
resources used to make goods and services
What is Factors of Production(land, labor, capital)
200
the struggle among producers for the dollars of consumers
What is competition
200
the minimum income to support a household
What is The poverty threshold ?
200
the most important advantage of a free market
What is encourages growth ?
300
the study of how people choose from limited resources to meet their needs
What is economics
300
the three economic questions
What goods and services should be produced?
How should these goods and services be produced?
Who consumes these goods and services?
300
the best way to measure a nations economic progress
What is Gross Domestic Product ?
300
Car dealers must prominently display a sticker with the fuel efficiency in the car window.
What is an example of public disclosure laws
400
shows alternative ways to use an economy's resources
What is production possibilities curve
400
this motivates manufacturers to sell products
What is making a profit
400
Retirement income for the elderly
What is Social Security?
400
the most effective way for consumers to make their desires known to businesses
What is the purchases consumers make?
500
in order to increase production, one must increase...
What is resources
500
how do consumers make their desires known to businesses?
What is by purchasing their products
500
An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.