the study of how people try to satisfy their unlimited needs and wants with limited resources.
What is Economics?
“gifts of nature” or natural resources not created by people
What is land
This is the next best choice given up after a decision has been made.
What is opportunity cost?
an economic system that is a combination of all economies
What is a mixed economy?
There are ______ characteristics of free enterprise.
What is 5?
having the freedom to choose your own economic aspects.
What is economic freedom?
the condition that results from society having limited resources to produce for individuals' unlimited wants and needs.
What is scarcity?
risk taking individuals who introduce new products or services in search of profits
What is entrepreneur
This is ALL the other choices that we give up whenever we choose one thing over others.
What is trade-off?
an economic system where the economic questions are answered by tradition, habits and customs
What is traditional economy?
These are the 3 main players in the economy
Who are entrepreneurs, consumers, and government?
allows people to own and control their possessions as they wish.
What is private property rights?
These are the 3 basic questions in economics
What is What to produce, How to produce, For Whom to produce?
people who transform resources into goods or services.
What is labor
Point X is __________.
What is unattainable?
the economic system where the government controls all the factors of production
What is the pure command economy?
This is where resources are privately owned, and competition is allowed to flourish with minimum government regulation.
What is free enterprise?
voluntary act of buyers and sellers freely and willingly engaging in market transactions.
What is voluntary exchange?
this is the capacity to be useful and provide satisfaction.
What is utility?
the skills and knowledge a worker gains through education and experience to create goods and services.
What is human capital?
Point A is _________.
What is underutilized?
the economic system where the government owns some but not all factors of production.
What is socialism?
This recognizes the role of the consumer as ruler of the market.
What is consumer sovereignty?
the motivation to improve one’s material well-being.
What is profit motive?
Value is determined by _______ and ________.
What is scarcity and utility
human-made objects used to create other goods and services
What is physical capital?
The opportunity cost of moving from point A to point C is ___________.
What is 20 fine dining?
the economic system where the 3 basic questions are answered by individuals based on supply and demand.
What is market economy?
these are the 4 roles of the government in the economy.
What is Regulator, Consumer, Provider, Protector?
the struggle among sellers to attract consumers with the best products at the lowest prices.
What is competition?