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100
Often viewed as the purest form of economy, based on culture and custom
What is traditional?
100
Human resources, capital resources, natural resources, entrepreneurship.
What are the factors of production?
100
On a chart of a production possibilities frontier, a point on the curve shows that a company is using its resources in what way?
What is efficiently?
100
This is giving some of one thing up to have more of another.
What is a trade-off?
100
People who take the risk to start a business are what factor of production?
What is an entrepreneur?
200
Championed by Adam Smith and his Invisible Hand discussion, this is regulated by self interest above all.
What is a Market Economy?
200
This means a products usefulness.
What is utility?
200
On a production possibilities frontier chart, having a point outside of the curve is said to be what?
What is impossible?
200
This is the amount you give up, or "the next best alternative"
What is opportunity cost?
200
He is playing President Lincoln in the upcoming biopic.
Who is Daniel Day-Lewis?
300
Individuals have little say, a pure form of this died out in feudal Europe.
What is a Command Economy?
300
Opportunity cost is often said to be what a person gives up for the best option available. true or false?
What is true.
300
In order to move the production possibilities frontier curve out, what must occur?
What is an increase in resources?
300
North Korea is an example of this type of economy.
What is authoritarian socialism?
300
This lost salary of going to college instead of working full time at a lower level job can be considered a what?
What is an opportunity cost?
400
Any combination of the three basic economic models.
What is a Mixed economy?
400
If all an economy's resources were devoted to the production of guns, how much butter could they produce?
What is none?
400
Complete this quote, "Greed is ______"
What is Good. From the movie "Wall Street", check it out, it's marvelous.
400
In a communist country, this is your primary incentive in production.
What is the government requirement?
400
The fact that you spent more time at college than at a lower level job is an example of a....
What is a trade-off?
500
A close approximation to a market economy where private ownership and choice are strongly emphasized.
What is Capitalism?
500
This happens when there is too much demand, but not enough resources.
What is scarcity?
500
It is generally assumed that people's wants are this.
What is unlimited?
500
What is the primary incentive for a business person in a Capitalistic economy to improve, expand, or start a business?
What is profit?
500
Above all, an economy is a way of dealing with this "problem".
What is scarcity?