Basics of Economics
What is the definition of Economics
the study of scarcity
Who is the primary focus of demand? What is the primary focus of supply?
What is the definition of Land?
any natural resource
What is traditional economics?
Each role in the economic system is dictated by a tradition that each individual plays. Dictated by decisions, beliefs, etc.
Who was the President before George W. Bush?
Bill Clinton
When has there been a time in history that we have experienced a shortage? Give and example and explain why that happened
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Draw an example of a Demand Curve
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What is the definition of capital
Knowledge and special skills to perform a certain job
What is command economics
The individual has little, if any influence over basic economics. Government controls the factors of production and therefore makes all of the decisions about their use.
What are the three states of matter?
solid, liquid, gas
What is an example of opportunity cost?
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What is the definition of Labor
the effort of workers
What is market economy
Government does not intervene. Also known as “Capitalism”
What was the name of the last Queen of France?
Marie Antoinette
It is the best example of what society has to decide on what money goes towards in times of need
What is an example of inelastic demand
Cancer medication, things that are essential
What is Entrepreneurship
The practice of combining other goods and services to make monetary funds
What is mixed economics
this economic system is owned by private sectors and the government
What are the three types of rocks?
Sedimentary, Metamorphic, and Igneous
What is the definition of a trade-off
taking two things that you need or want and give the best possible outcome for yourself
What is an example of elastic demand
Airpods, things that are not necessary
When starting a pizza business, how can they achieve each factor of production?
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What type of economic system is the United States
Market Economics
The Hundred Years War of the 14th and 15th centuries was primarily a conflict between England and what other country?
France