vocabulary
vocabularyII
the fundamental question
it's the economy, stupid
misc
100
a person who buys goods and services
Who is a consumer?
100
a product that is meant to last 3 years or more
What is a durable good
100
when you buy a product to impress others
What is conspicuous consumption
100
the father of economics
Who is Adam Smith
100
the father of modern economics
Who is John Maynard Keynes
200
the result of a limited amount of resources
What is scarcity?
200
an economic concept where the government keeps its hands off of business
What is laissez-faire
200
this is the main concern of economics
What is scarcity
200
we follow the traditions of our answers in this economic system
What is traditional
200
another term for natural resources as a factor of production
What is land
300
somebody providing their skills or abilities
What is service
300
a system based on the principle of individual rights
What is capitalism
300
the four basic resources to make a product
What are factors of production
300
the government controls this system which also uses the communist system
What is command
300
manufactured goods needed to produce other goods and services
What capital goods
400
the cost of passing up the next best choices when making a decision
What is opportunity cost
400
a system based on the idea that property is publicly owned
What is communism
400
no government interference and competition would keep prices low is the principle of
What is laissez-faire
400
the economic system in the USA
What is mixed-market
400
this person believes that history has been a struggle between different workers and wealthy and one day the workers will revolt against it
Who is Karl Marx
500
an exchange of one benefit for another regarded as more desirable
What are trade-offs
500
a good or service that has both scarcity and utility
What is value
500
the usefulness of a good
What is utility
500
those who follow a capitalist philosophy and allow businesses to compete
What is market economy
500
the four characteristics of a free enterprise system
What are: profit, private property, choice, and competition
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