Intro
Scarcity
Circular Flow
Econ Systems
Free Enterprise
100
What is the Primary Focus of Economics?
What is the study of producing and consuming goods and services
100
What does scarcity mean in economics?
What is Limited resources to meet unlimited wants?
100
What is the circular flow?
Economic model that shows the flow of money, goods, and services.
100
Which economic system allows for minimal government interference and maximizes competition?
Free Enterprise
100
How do governments regulate economic choices?
What is Creating regulations?
200
What is a consequence of economic choices?
What is opportunity cost is incurred?
200
Name 2 factors of production
What is
Land
labor
capital
200
describes the role of a producer?
What is a provider of goods and services?
200
Which economy focuses on traditions or customs?
What is a traditional economy
200
What is the role of consumers in a free enterprise system?
To decide what to buy and where?
300
What is the primary function of an economist?
What is to study economic trends and data
300
What is a renewable source?
Something that can be used again. Reusable
300
If I am a consumer, I am doing what in a market
What is buying a product or paying for a service
300
Name 1 disadvantage of a closed economy
What is:
Lack of raw materials
Adverse conditions that could affect farming and agriculture
Lack of development as a result of lack of materials
300
Who is Adam Smith?
What is an economist promoting free enterprise
400
The concept of opportunity cost involves:
What is the cost of the next best alternative
400
What is a temporary condition of limited resources?
What is a shortage
400
Where you and your family members live
What is the household
400
What is 1 example of a command economy
What is:
Cuba
North Korea
400
What does the term "invisible hand" refer to in economics?
Unseen force that guides everyone together for the production of a good
500
What is a producer?
What is a provider of goods and services?
500
What is a non-renewable source?
What is Can't be used again.
500
When you sell something for more than it cost to make you make a what
What is A profit
500
Which economy focuses on supply and demand
What is a market economy
500
Name 1 characteristic of a free enterprise
What is:
Competition
limited government involvement
Consumer and producers making decisions
private property
600
How does scarcity affect individual choices?
What is Forces choices about consumption
600
What does letter C represent? Factor market or product market
What is the product market
600
What is one benefit of competition in the market?
What is:
High quality
lower prices
more choices for consumers
700
How do limited resources affect the prices in a competitive market?
What is raise prices?
700
Everly borrowed $150,000 to start her e-commerce business. Each month she is required to make a payment on her loan. Her loan will ultimately cost her $200,000. Where does the extra money come from?
What is interest payments
700
What is laissez-faire?
What is An economic philosophy of minimal government interference?
800
What does capital mean in economics?
What is tools and equipment used in production
800
What is the market where resources are used to make the product?
What is the factor market or resource market
800
Name 1 reason for government regulations in the market
What is:
Protecting health and safety
Ensuring fair competition
Educating consumers