Show:
TERMS
FUNDAMENTALS
SUPPLY/DEMAND
ECONOMICS EVERYTHING
RANDOM
100
basic requirement for survival
What is a NEED?
100
the basic problem facing all societies- not enough resources to match wants
What is SCARCITY?
100
Products and services available for consumption or use
What is SUPPLY?
100

Study of Choices for production, distribution and consumption of goods

What is economics?

100

The father of Economics

Who is Adam Smith? 

200

Means of expressing a desire

What is a WANT?

200

* NOT ON QUIZ - To provide for needs, answer these questions: WHAT to produce, HOW to produce, and _____ ______ to produce?

What is FOR WHOM?

200
The need or desire for a product or service
What is DEMAND?
200

Study of National and International Economies and effects of large-scale choices on them; Study of specific parts of a major economy

What is Macroeconomics? What is Microeconomics? 

200

tool, equipment or other manufactured good used to produce other goods or services

What is a CAPITAL GOOD?

300
Work performed for someone
What is a SERVICE?
300

* NOT ON QUIZ - Location and income create what differences all over the world

What are Standards of living? 

300
Generally speaking (but not always), is supply is up and demand is down, price does this
What is DROP, or GO DOWN?
300

________ is used to show how inflation affects prices of goods while _______ is used to show what may happen in the U.S. economy in 2026

What is economic models? What is economic forecast? 

300
A person who uses goods or services to satisfy wants or needs
What is a CONSUMER?
400

Vocab word: To be productive 

What is PRODUCTIVITY?

400

The name for the person who creates the goods

What is a PRODUCER?

400
If demand is up and supply is down, generally prices ....
What is RISE or GO UP?
400

The value of goods depends on _______ and _______

What is utility (usefulness) and scarcity?

400

True or False: Money is Capital

What is false? 
500

Tools or equipment used in production and distribution of goods and services

What is CAPITAL?

500

a risk taker in search of profits

What is an ENTREPENEUR?

500

*NOT ON QUIZ - If there is only one seller of a particular good or service, with no competitors, then this seller has this

What is a MONOPOLY?

500

If I support laissez-faire, then I am a _________. If I support imperialism, then I am a ____________. 

What is a physiocrat? What is a mercantilist? 

500

The beliefs that work is simplified into specific tasks and completed by the best workers

What are division of labor and specialization?