A type of market in which individuals are free to pursue their own self-interest.
What is Market Economy?
100
Satisfying unlimited wants with limited resources.
What is The Economic Problem?
100
The components of BEEFPIE are examples of this.
What are economic goals?
100
The assumption that all other things remain the same.
What is ceteris paribus?
100
The study of how economics ought to operate.
What is Normative Economics?
200
This type of economy stifles individual freedom.
What is a Command Economy?
200
The utility that could have been gained by choosing an actions best alternative.
What is Opportunity Cost?
200
This is one of the "E"s in BEEFPIE
What is Economic Efficiency, Economic Growth, Environmental Sustainability?
200
These are the different types of resources in economies.
What are human resources, natural resources, capital resources?
200
The branch of economics that focuses on the behaviour of individual participants in various markets.
What is Microeconomics?
300
Canada is an example of this type of Economy.
What is a Modern Mixed Economy?
300
An increase in an economy's total output of goods and services.
What is Economic Growth?
300
Some economic goals conflict so that attaining one goal makes another goal more difficult to achieve.
What are Conflicting Goals?
300
The study of economic facts and how the economy operates as it does.
What is Positive Economics?
300
A mix of both market and command economies.
What is a modern mixed economy?
400
These are two advantages of a Market Economy.
What are Prices, Innovation, Consumer Sovereignty
400
This graph bows rightwards and downwards, and demonstrates increasing opportunity costs.
What is The Production Possibilities Curve?
400
Employing scarce resources in such a way as to derive the highest benefit.
What is Economic Efficiency?
400
Initiative, risk-taking, and innovation necessary for production.
What is Entrepreneurship?
400
Markets in which consumer products are traded.
What are Product Markets?
500
These are three drawbacks in a Command Economy.
What are Planning Difficulties, Inefficiencies, Lack of Freedom?
500
These are the three basic Economic Questions.
What to produce?
How to produce?
For whom to produce?
500
These are all the elements of BEEFPIE
What is Viable Balance of Payments, Economic Growth, Economic Efficiency, Full Employment, Price Stability, Income Equity, Environmental Sustainability.
500
The satisfaction gained from any action.
What is Utility?
500
Generalizations about or simplifications of economic reality.