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Vocabulary
Factors of Production
Economic Thinkers
Economic Concepts
Economic Systems
100

The person who buys goods and uses services to satisfy wants and needs.

What is consumer?

100
List all of the factors of production.
What is land, capital, labor, entrepreneurs?
100

The economic concept advocated by Adam Smith which implied minimal government control of business.

What is laissez faire capitalism?

100

Economists use this to demonstrate how limited resources can be used to produce a combination of goods and services.

What is Production Possibilities Curve/Frontier?

100
These answer the basic economic questions in a traditional economy.
What are customs and habits?
200

A place where buyers and sellers to exchange a certain economic product.

What is a market?

200
The three basic economic questions all societies must answer.
What is What to produce, How to produce it, and For whom to produce it?
200

The study of how people, governments, and society make choices to cope with scarcity.

What is Economics?

200
These are represented by the following list: Economic efficiency, Economic freedom, Economic security, Economic equity, and Economic growth

What are Economic Goals of the United States?

200
Most countries in the world, including the United States, are this type of economic system.
What is mixed economy?
300
The next best alternative use of money, time, or resources when one choice is made rather than another.
What is opportunity cost?
300
The people or animals and the forces of nature that are used to make products are _____________
What is labor?
300

Karl Max and Fredrich Engels developed this theory as a result of the inequalities they saw in the Industrial Revolution. Calling for communal ownership of property.

What is communism?

300

All the alternatives given up to make a choice.

Trade-offs

300
Type of economy where the government exercises the most control?

What is a command economy?

400
The condition that results from society not having enough resources to produce all the things people would like to have.
What is scarcity?
400
The tools, equipment, machinery, and factories used in the production of goods and services.
What is capital?
400

Who owns/controls key industries (like health care and education) under socialism?

What is the government?

400

Cause for a point to be INSIDE the Production Possibility Curve.

What is Inefficiency?

400
Another name for a free market economy.
What is capitalism or free enterprise?
500

The assumption that there is ALWAYS A COST when resources are used to produce goods and services.

What is TINSTAFL - "There is no such thing as a free lunch"?

500
A risk-taker in search of profits who does something new with existing resources.
What is entrepreneur?
500
A socialist nation providing services for its population would cause that nation's taxes to do this.

What is increase?

500

The ability of one person or nation to produce a good at a lower opportunity cost than that of another person or nation.

What is comparative advantage?

500
The type of government/political philosophy that command economies are often associated with.
What is communism?