The value of the next best alternative given up when making a choice is the
Opportunity Cost
100
Not having enough resources to produce all the things people want
Scarcity
100
This type of economy allows free trade with no government intervention
Market Economy
100
The American Economy as known as a "___________" System
Capitalist
100
Karl Marx was in favor of which type of economy to eventually meet his utopia?
Command Economy
200
The reward that people respond to and are motivated by is called
Incentives
200
The study of how people try to satisfy their needs and wants through the use of limited resources
Economics
200
This type of Economy is controlled by a single governing body that determines how much of each good to produce and what each good's value will be
Command
200
What economy type is the American system?
Mixed Market Economy
200
Adam Smith was in favor of a Market Economy known as what? "To Let Do"
Laissez Faire
300
The act of buyers and sellers freely and willingly engaging in market transactions
Voluntary Exchange
300
Alternative choices made by consumers in the marketplace are called what?
Trade-offs
300
The privilege that entitles people to own their possessions is know as
Private Property Rights
300
Where would Workman's Comp fall on a Venn Diagram of Economic Security and Economic Equity
In the Middle
300
What economic system allows for the highest degree of satisfaction among the individuals living in that society?
Market Economic Systems
400
Driving force that encourages people and organizations to improve their material well-being
Profit Motive
400
What is another term that can be used for Factors of Production
Resources
400
Economic system that allows for free enterprise but subjects people to some government intervention
Mixed Economy
400
The American Economy is a mixture of what two pure Economic Models
Market and Command Economies.
400
Which type of economic system relies on customs of previous generations
Traditional Economy
500
An economic goal that is based on a sense of fairness is called
Economic Equity
500
What are the 4 Factors of Production
Land, Labor, Capital, Entrepreneurs
500
What are the benefits and downfalls of both Command and Market Economies?
Command: Benefit = Safety net for all people / Downfall= No chance to improve one's standard of living
Market: Benefit = Ample opportunities to satisfy wants and improve standard of living / Downfall = No safety net for people
500
What is the Governments role in the American Economy?
Regulate economic activity while allowing competition
500
What was the score of the 49ers v Cowboys game yesterday?