ECON BASICS
The science that studies how people use scarce resources to satisfy their wants is known as?
Economics
What are the 4 Factors of Production?
1. Land
2. Labor
3. Capital
4. Entrepreneurship
Which economic system relies on customs and beliefs passed down from generation to generation?
Traditional
What does the P stand for in the P-A-C-E-D decision-making process?
Identify the Problem
How many ounces are in a pound?
16
The way society uses its scarce resources to satisfy its people's unlimited wants is known as?
Economic Systems
A tractor is an example of which factor of production?
Capital
Which economic system may include elements from the other 3 economic systems?
Mixed
What does the "A-C" stand for in the P-A-C-E-D decision-making process?
Identify Alternatives and Criteria
What TV show takes place in Scranton, PA?
The Office
Which of the following is a good as opposed to a service?
A. Tree Trimming
B. Swimming Lessons
C. Kitchen Cabinets
D. Floor Installation
C. Kitchen Cabinets
Rain is an example of which factor of production?
Land
What are the 3 economic questions?
What to produce?
How to produce?
For whom to produce?
What does the "E-D" stand for in the P-A-C-E-D decision-making process?
Evaluate and Decide!
A group of crows is called what?
Murder
A condition caused by people's seemingly unlimited wants and relatively limited resources is known as?
Scarcity
Selling the crop that you've produced at a farmer's market is an example of which factor of production?
Entrepreneurship
A free-enterprise economy or Capitalism refers to which economic system?
Market
An economic term meaning the next best choice, or what you give up when you make a decision is known as?
Opportunity Cost
What is the fourth largest U.S. state in surface area?
Montana
The interaction between businesses and individuals is known as?
Circular Flow
The farmer plowing their field is an example of which factor of production?
Labor
A centrally-planned economy refers to which economic system?
Command
What are the 3 influencers of choice?
Incentives
Utility
Need to Economize
Which U.S. state is closest to Africa?
Maine