In this economy, custom and tradition dictate what, how to, and for whom to produce.
What is traditional?
100
Individual workers becoming highly skilled at a particular task.
What is specialization?
100
The current US president.
Who is Barack Obama?
200
Everyday puzzles or riddles that might be solved through economic analysis.
What is an economic enigma? Enigma counts, too.
200
Things required for the production process, including land, labor and capital.
What are the factors of production?
200
In this economic system, decisions are made by a powerful ruler or some other authority.
What is a command economy?
200
A medium of exchange that can be traded for goods and services or used to pay debts.
What is money?
200
The candidate whose standing in opinion polls has been rising since the debate.
Who is Mitt Romney?
300
Choosing one thing over another.
What is a tradeoff?
300
Tools, machines and buildings used in the production of other goods and services.
What is capital?
300
Both the government and individuals play important roles with regard to production and consumption in this system.
What is a mixed economy?
300
The ability to perform a task at a lower opportunity cost than someone else is able to perform that task.
What is comparative advantage?
300
This candidate was widely perceived to have been the winner of the first presidential debate.
Who is Mitt Romney?
400
Something that motivates a person to take a particular course of action.
What is an incentive?
400
As the quantity of a good consumed increases, the marginal utility of each additional unit decreases.
What is the law of diminishing marginal utility?
400
French term meaning "let them do", referring to a market economy relatively free of government intervention.
What is laissez-faire?
400
Direct exchange of goods or services without the use of money.
What is barter?
400
This person had the role of trying to keep the candidates on topic and within time limits.
Who is the moderator? Also, Who is Jim Lehrer?
500
This means that most of the decisions we make each day involve choices about a little more or a little less of something rather than making a wholesale change.
What is thinking at the margin?
500
An economic model that shows how an economy might use its productive resources to produce two goods.
What is the production possibilities frontier?
500
This repressive state in eastern Asia has a strong command economy.
What is North Korea?
500
Tariffs and other measures to limit interstate or international trade.
What is a trade barrier?
500
This large yellow bird was cited by Governor Romney as an example of the type of government spending he'd like to cut.