the condition that results because people have limited resources but unlimited wants and needs.
What is Scarcity
100
The tools, machines, and buildings used to produce goods, and services.
What is capital?
100
A system in which decisions about production and consumption are based on customs.
What is a traditional economy?
100
a generally accepted medium of exchange that can be traded for goods and services or used to pay debts.
What is money?
100
The quantity of a good or service that consumers are willing and able to buy at various prices & the quantity of a good or service that producers are willing and able to sell at various prices.
What is demand and supply?
200
The study of how people choose to use their limited resources to satisfy their unlimited wants and needs
What is Economics
200
The value of the next best alternative that is given up when a choice is made.
What is opportunity cost?
200
A system where decisions about production and consumption are made by a powerful ruler or government.
What is a command economy?
200
The benefit that both parties get from trade.
What is voluntary exchange?
200
The relationship of price and quantity on a demand curve is considered to be
What is inverse?
300
He is considered the father of economics. He used the metaphor, "the invisible hand" to describe the self-regulating free market.
Who is Adam Smith
300
The willingness and ability to take risk when starting and managing a business.
What is entrepreneurship?
300
A political and and economic philosophy that calls for property to be owned by society as a whole, rather than by individuals, for the equal benefit of all.
What is Socialism?
300
The condition that can exist when someone can produce a good or service at a lower opportunity cost than someone else.
What is comparative advantage?
300
A product that satisfies the same basic want as another good is a _____ & a product that is used or consumed jointly with another product is a____.
What is a substitute good and a complimentary good?
400
This law says that actions of people and governments always have effects that are not expected.
What is the law of unintended consequences?
400
The extra satisfaction or pleasure you will get from an additional unit of a good or service.
What is marginal utility?
400
Creations of the mind that have commercial value.
What is intellectual property?
400
The characteristic of a society in which people rely on others for most of the goods and services they want.
What is economic interdependence?
400
% change in quantity supplied divided by the % change in price.
What is supply elasticity?
500
This branch of economics applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be.
What is normative economics?
500
An economic model, in the form of a line graph, that shows how an economy might use its resources to produce two (2) goods.
What is the production possibilities frontier?
500
government financed projects such as dams, highways and sewer systems.
What is public works?
500
Article I, Section 8 of the Constitution is also known as...
What is the Commerce Clause?
500
____ leads to excess supply while _____ leads to excess demand.