The Economic Problem
This is the number of questions economists must ask to solve an economic problem
What are three questions?
This is the economy that U.S. has.
What is a mixed economy?
These are the two types of economics:
What are Macroeconomics and Microeconomics.
Productive resources that make up the four categories of land, capital, labor, and entrepreneurs
What is the factors of production?
Basic requirement for survival, including food, clothing, and shelter
What is a need?
This is the first economic question
What is "What to produce?"
This is the economy where the government asks and answers all three economic questions.
What is a command economy?
This type of economics focuses on the "Smaller" economy
What is microeconomics?
Which factor of production would include mineral deposits and livestock?
What is land?
A social science dealing with how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
What is economics?
This economic question takes the longest to determine.
What is "HOW to produce?"
In which economic system does the marketplace answer the three economic questions?
What is a market economy?
Which scope of economics would frequently look at how businesses impact the economy?
What is microeconomics?
Which factor of production would include equipment or buildings?
What is capital?
A good that lasts for at least three years when used by consumers
What is a durable good?
This economic question is usually answered by setting a price of a product.
What is "FOR WHOM to produce"
Command economies often lack quality goods because this is absent.
What is competition?
Which scope of economics largely examines economics on a national or global scale?
What is macroeconomics?
Which factor of production would include people with all their efforts?
What is labor?
Economics that stems from personal opinions and has a “what ought to be” scope- is subjective and value-based.
What is Normative?
This is the economic question that often brings those who are answering it, back to the drawing board.
What is "HOW to produce?"
This is the definition of Economic Systems
What is "the methods societies use to distribute resources" or a similar variation (:
Which scope of economics frequently examines trade and GDP?
What is macroeconomics?
Which factor of production would include an individual who does something new with existing resources?
What is an entrepreneur?
Someone making decisions based on maximizing utility.
What is rationality?