Econ
The study of how people satisfy their needs and wants
What is Economics
Things that you would like, but do not need to survive
What is a Want
The Study of Economics on a large scale
What is Macroeconomics
What term best describes having limited resource
What is Scarcity
This economic systems answer allows questions to be answered by habits and customs.
What is Traditional
When you choose between two possible uses for a resource, giving up one alternative for another.
What is Trade-off
A person who purchases goods and services for personal use
What is a consumer
The difference between a good and a service
Service is non-tangible, and consists of people using their expertise, a good is a tangible object that satisfies a problem
In what type of economy does the government make all of the decisions
What is a Command Economy?
The reward or penalties that influence people’s choices and behavior.
What is an incentive
Each economic system answers these 3 questions.
What is what to produce, for whom to produce and how to produce it
Who was a free market philosopher
Who is Adam Smith
This economic system allows for economic questions to be answered by individual buyers and sellers.
The alternative we give up when we choose one option over the other?
What is Opportunity Cost
Resources that are made and used to make other good and services
What is Capital?
Which type of economy is known for using the barter system?
What is Traditional?
This type of growth raises standards of living, even in the continuing face of scarcity
A human-made good that is used to produce other goods and services, tools and buildings
What is Physical Capital?