Economy
Trade
Production
Entrepreneurship
Misc.
100
This term refers to how people use and manage resources
Economy
100
This concept refers to the resources that are now unrecoverable due to choices you make
Sunk cost
100
This term refers to how much work goes into creating a good
Labor
100
This type of business is when someone starts up on their own
sole proprietorship
100
This economic concept is focused on large scale trends
Macroeconomics
200
This economy is mainly focused on cultural beliefs and survival
Traditional economy
200
Johnny decided that he needed more shoes, he decided to go to the store and buy some. Which economic term describes this process?
Trade off
200
This term refers to the learnable skills that go into creating a good
Human Capital
200
If two members of the class decided to start their own lemonade stand, what would this be called?
Partnership
200
This economic concept is focused on the small scale trends
Microeconomics
300
This type of economy is seen in dictatorships and communist countries
Command economy
300
This process refers to the space where all buyers and sellers of a good or service exist
Market
300
In the production process, water is an example of ___________
Land
300
This type of business is a company that identifies itself as its own legal entity
Corporation
300
Timothy realized that despite having the same amount of money, he can no longer afford much of the goods and services that he is accustomed to. What term describes this process?
Inflation
400
This type of economy is based around the decisions of the consumers and business owners
Free Market Economy
400
This term refers to the things that drive people to make financial decisions
Cost and benefits/ Incentives
400
In the production process, a machine is an example of ______________
Physical Capital
400
This type of business is beneficial due to the amount of tax breaks you might recieve
Sole proprietorship/ Partnership
400
Which direction would the curve move if the ability to to produce calculators and toys increased (be specific)
Up and right (diagonally)
500
This type of economy is the most popular one today
Mixed economy
500
There is a limited amount of gold in the world, this gives it value. Which term describes this process
Scarcity
500
What are the 4 Factors of Production
Land, Labor, Human Capital, Physical Capital
500
This type of business would likely outlive your own working lifetime if it succeeds
Corporation
500
Bradley could no longer pay his debts, as a result he went _______ to salvage
Bankrupt