Key Terms
The most fundamental economic problem is
What is Scarcity?
What is 'labor?'
What is 'the human effort applied to goods and services?'
What is a factor market?
What is 'where factors of production are bought and sold?'
What does the term "Macro" mean?
What is "large?"
What is an economic system?
What is 'the way a society decides to produce goods and services?'
Economics is best defined as the study of how people, businesses, governments, and societies
What is "make choices to cope with scarcity?"
What is 'land?'
What is 'natural resources?'
What is the role of the household in the circular flow chart?
What is 'to provide labor and purchase goods and services?'
What does the term "Micro" mean?
What is "Small?"
What is a traditional economy?
What is 'economic questions are answered by habits and customs?'
What does 'PPC' stand for?
What is "Production Possibility Curve?"
What is a free good?
What is 'use does not require that we give up another?'
What is the product market?
What is 'the market receive products from businesses and selling to consumers?'
Give an example of microeconomics.
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What is a command economy?
What is 'the government answers the basic economic questions?'
What is the difference between a good and a service?
You own goods but you use services.
What is opportunity cost?
What is 'the value of the best alternative given up when making a choice?'
What are the 5 parts of a circular flow chart?
What is 'product market, individual, business, factor market, and government?'
Give an example of macroeconomics.
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What is a free market economy?
What is 'economic questions are answered by buyers and sellers?'
What is 'capital?'
What is "something that has been produced and is producing?"
What is the goal of a Production Possibility Curve?
What is 'compare alternative ways that an economy can use its productive resources?'
What role does money play in the circular flow chart?
What is 'the mechanism used to facilitate exchange?'
In broad terms the difference between microeconomics and macroeconomics is that
What is "microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy?"
What is a mixed market economy?
What is 'economic questions are answered by the government AND buyers/producers?'