Resources
You must figure out how to distribute or do this when resources are scarce.
What is allocate?
Where the 3 basic economic questions answers are determined by the interactions of buyers and sellers in the market.
Equal to a firm's revenue minus its cost.
What is profit?
What is productivity?
The basic condition that exists when unlimited wants by society exceed limited productive resources.
What is scarcity?
Land or gifts of nature
What is natural resources?
Where the 3 basic economic questions are answered by a central authority or government.
What is command economy?
The value of one's next best alternative given up when a choice is made.
What is opportunity cost?
Daily Double
What is productivity?
When two economic actors willingly trade one item for another because the value of the item they are receiving is greater at the time than the item they are giving up to receive it.
What is voluntary exchange?
What is human resources?
Daily Double
What are the 3 basic economic questions?
What is...
What to produce?
How to produce?
For whom to produce?
The change in total benefit received from one more unit.
What is marginal benefit?
An economic model that illustrates all possible production combinations.
What is the production possibilities curve?
The education, job training, and healthcare that improves the skills of workers
What is human capital?
The tools, machines, equipment and structures used repeatedly in the production of goods and services.
What is physical capital?
A combination of command and markets, with some industries and markets controlled by government and other industries and producers are subject to market forces (most economies in the world.)
What is mixed economy?
The change in total cost paid for one more unit.
What is marginal cost?
When an entity focuses on one production tasks or the production of one good in order to increase efficiency.
What is specialization?
The material well-being people in an economy enjoy.
What is standard of living?
Someone who takes the risk such as using one's own financial resources to make a prototype of a product or buy the capital resources required to start the business.
Who is an entrepreneurship?
Rules placed on the production of goods and services by government agencies.
What is government regulation?
Decisions in which the marginal benefits of an action equal or exceed the marginal costs (profit maximizing)
What are rational decisions?
Motivate individuals, businesses, and/or governments to undertake an action or avoid an action.
What is incentive?
Daily Double
(Triple if you can name all 8)
What is...
Freedom, Equity, Security, Growth, Efficiency, Price Stability, Full Employment, and/or Sustainability?