Show:
Fundamentals
Four Basic Economic Questions
$$$$$ Matters
Businesses
Economic Systems
100
The study of how people make choices about using scarce resources.
What is Economics?
100
The decision about what to make answers this question
What should be produced?
100
The place where deposits are made and loans extended
What is a bank?
100
Business owned by one person
What is an individual proprietorship?
100
Answering the four economic questions the same way that their ancestors did
What is a Traditional economy?
200
Wants exceeding what is actually available; the driving force behind economics
What is Scarcity?
200
The decision about the method to make something answers this question
How should it be produced?
200
Loan of money to be paid back over a period of time
What is credit?
200
Business that two or more people own
What is a Partnership?
200
System where the government answers the four basic economic questions
What is a Command economy?
300
Food, water, shelter, clothes, affection
What are Needs?
300
The decision about the quantity to be made answers this question
How much should be produced?
300
Federal Deposit Insurance Corporation
Who guarantees your bank deposits?
300
Corporations are chartered by....
What is the State?
300
Four economic questions are answered by individuals and businesses
What is a Market economy?
400
Examples: a space program, free higher education to the government and cars, iPhone, etc. to people
What are Wants?
400
The decision about the receivers of what is made answers this question
Who gets what is produced?
400
Fort Worth and Washington, DC
What is the only two places where folding money (bills) is printed?
400
Investors who buy shares in a corporation
What is Stockholders?
400
Money left over after all the bills are paid in a business
What is Profit?
500
What you give up to make the choice you made
What is an Opportunity Cost?
500
Area of the world where traditional economies still exist
What is the continent of Africa?
500
Loan made to purchase a home
What is a mortgage?
500
Combines money and skills of partners, but partners have to share profits
What is an advantage and disadvantage of a partnership?
500
Type of economic system in the United States
What is a Market or Capitalistic system?