Chapter 1
Random 1
Random 2
Chapter 2
100
The fundamental economic problem is ____________ .
What is scarcity.
100
Name the 4 factors of production
What is Land, Capital, Labor, Entrepreneurs
100
What you give up to get something else
What is opportunity cost
100
The rights of individuals and groups to own businesses and resources.
What is Private Property Rights
200
Alternative choices or options
What is trade-off
200
Includes gifts of nature or natural resourcesnot made by human effort.
What is land
200
TINSTAFL means what?
What is There is no such thing as free lunch
200
An economic system that is based on private ownership of the factors of production.
What is Capitalism
300
The three basic economic questions everyone must answer are ___________________.
WHAT to produce, HOW to produce, FOR WHOM to produce
300
A basic requirement for survival
What is a Need
300
Last for 3 or more years with regular use
What is durable good
300
An economic system in which the government owns all the factors of production and there is little or no political freedom
What is Command Economy (Communism)
400
A person's efforts , abilities, and skills.
What is labor
400
A way of expressing a need.
What is a want
400
Used to produce a good or service.
What is capital
400
Economic system based on past traditions and customs.
What is Traditional Economy
500
The process of creating a good or service.
What is Production
500
How can you illustrate opportunity cost?
By using a PPF
500
Starts new a business or puts a new product on the market.
What is Entrepreneur
500
Two countries today have have the closest thing to a command economy.
What is Cuba & North Korea
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