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What is Economics
What is Economics 2?
What is Economics 3
What is Economics 4
What is Economics 5
100
The study of how people andd countries make decisions about how to use their scarce resources in the most efficient way.
What is Economics?
100
Work that peole do is this resource.
What is labor?
100

Cost of the next-best alternative use of money, time, or resources when one choice is made rather than another

What is Opportunity Cost?

100

Sum of those economic products that are tangible, scarce, useful, and transferable.

What is Wealth?

100

Quality of life based on the ownership of the necessities and luxuries that make life easier

What is Standard of Living

200
An item people buy, such as a car, television or bed.
What is a good?
200

What is the motivating force behind a Free Market

What is Self-interest?

200
A model to show all combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
What is production possibilities curve?
200

People with all their efforts, abilities and skills

What is Labor?

200

What do we call it when the Government of a county must make a decision between increasing military's spending and subsidizing wheat farmers.

What is Guns or Butter?

300

Any resources that are made by humans and used to create other goods and services are called?

What is capital?

300
A thing that is not needed to survive but that makes life better.
What is want?
300
The act of giving up one thing for another.
What is trade-off?
300
The amount of goods and services workers can produce in a given time.
What is productivity?
300

Suppose there is a family in which all the boys are expected to become farmers when they're adults, just as fathers and grandfathers did. In which kind of economy do they practice?

What is Traditional Economy?

400
A things that is necessary to remain alive
What is a need?
400

Alternative choices made by consumers in the market

What is Trade-Offs?

400

Economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions

What is Free Enterprise (Market) Economy?

400

Worth that can be expressed in dollars and cents.

What is Value?

400

Work that is performed for someone.

What is Services?

500
Raw materials found in the Earth such as water, minerals, wood, land, etc.
What is natural resource?
500
This is what Economics is all about.
What is choices?
500

Why are goods and services scarce?

What is All resources are scarce?

500
Resources that are used to make goods and services. For example; natural resources, capital, labor.
What is factors of production?
500

What would you call it when food is not available because the truck drivers carrying the food are on strike?

What is Shortage?