The
The condition that results from society not having enough resources to produce all the things people would like to have.
What is Scarcity
The capacity to be useful and provide satisfaction.
What is utility?
The production and consumption activities that determine how scarce resources are used in a given place.
What is Economy?
A process by which individuals interact for the purpose of trade or exchange.
What is market?
Any good that is widely used as a means of exchange...
What is money
1) Food, Shelter, clothing are examples of…..
2) Mansion, Benz, Baby Phat jeans are examples of …
1) What is Needs
2) What is Wants
Haircuts, home repairs, and forms of entertainment are examples of…
What are services?
The quality of life based on the necessities and luxurious that make life easier.
What is Standard of Living?
Individuals with the same goal and working towards that goal is-
What is Social Cooperation?
The number of units consumers in a market want to purchase at a certain price.
What is Demand
What is it called when a person gives up going to college to obtain a degree by going to the NBA?
What is Opportunity Cost?
This is a word that describes the American Economy. It is where competition is allowed to flourish with a minimum of government interference.
What is Free Enterprise?
Characteristic of capitalism where producers and sellers compete with one another to attract consumers, while lowering cost. Consumers compete with one another to obtain the best products at the lowest prices.
What is Competition?
An economic system in which private property is recognized and free markets exist.
What is Capitalism?
The goods or services we give up in the exchange is called…
What is Actual Cost?
What is the most important thing that needs to happen during economic growth?
What is productivity?
The characteristic of capitalism where buyers and sellers engage freely and willingly in market transactions.
What is voluntary exchange?
Bangladesh is a major producer and exporter of textiles. This is an example of:
What is specialization
All those who wish to buy can find sellers willing to sell and all those who wish to sell can find buyers willing to buy.
What is Equilibrium?
What happens when the price is too low?
What is Shortage?
What is the economic law that drives the prices toward an equilibrium price in a market economy.
What is the Invisible hand?
What are the factors of production?
What are land, capital, labor and entrepreneurs?
The money used to buy the tools and equipment used in production?
What is financial Capital?
Accumulation of those products that are tangible, scarce, useful and transferable from one person to another.
What is wealth?
An item that is economically useful or satisfies an economic want
What is a good?