A nation's plan for answering the key economic questions
What is an economic system?
100
Citizen, Consumer, and worker
What are the three economic roles we perform?
100
The total dollar value of all final goods and services produced in our country during one year.
What is Gross Domestic Product (GDP)?
200
Things that are not necessary for survival but which add comfort and pleasure to our lives.
What are wants.
200
people who work to produce goods and services.
What are human resources.
200
An economy where goods are produced the way they have always been produced for generations.
What is a custom-based economy?
200
The quantity of a product or service that consumers are willing and able to buy at a particular price.
What is demand?
200
The year chosen to compare an item, such as price, to any other year.
What is the base year?
300
Wants that are satisfied by the efforts of other people.
What are services?
300
The tools, equipment, and buildings that are used to produce goods and services.
What are capital resources?
300
A type of economic system where the resources are owned and controlled by the government.
What is a directed or planned economy?
300
The quantity of a product or service that businesses are willing and able to provide at a particular cost.
What is supply?
300
Calculated by dividing GDP by the total population.
What is GDP per capita?
400
The means through which goods and services are produced.
What are economic resources (also called factors of production)?
400
A word that is often used in place of "capital resources"
What is Capital
400
This type of economy is generally found in countries that have democratic forms of government.
What is a market economy?
400
The way you live as measured by the kinds and quality of goods and services you can afford.
What is standard of living?
400
The movement of the economy from one condition to another and back again.
What is the business cycle?
500
The three kinds of economic resources.
What are natural, human, and capital?
500
The conflict between our unlimited wants and limited resources.
What is the basic economic problem (or scarcity)?
500
An economic system where economic resources are usually privately owned by individuals rather than by the government and individual owners are free to decide what they will produce with those resources.
What is Capitalism (or free or private enterprise system)?
500
The quantity of a good that an average worker can produce in an hour.
What is productivity (or labor or worker productivity)?
500
A decrease in the general level of prices that usually occurs in periods of recession or depression.