Show:
Intro
Buying and Selling
Systems
Random
Work
100

Adam Smith is considered the ________ of Economics. 

What is "father of economics"?

100
Actions that can satisfy people’s wants or needs, i.e. cooking, tax preparation, medical care…
What are services?
100

A profit-motivated system in which individuals control the factors of production and the most common economy today is

What is a market economy?

100

US dollars are considered money because why?

What is it is the law?

100

These people are part of the labor force.

What is anyone over 16 looking for work?

200
The part of economics that deals with the big picture of the economy as a whole, like employment/unemployment numbers and overall sales.
What is macroeconomics?
200
Tangible (can touch/see) objects that satisfy people’s wants/needs, i.e. food, clothes…
What are goods?
200

Wind can be used to generate energy and are considered what type of energy?

What is renewable?

200

These are the primary customers of the Federal Reserve.

Who are private banks?

200

This is the leading source of revenue for the federal government. 

What is individual income taxes?

300
The part of economics that deals with small decisions, like what we each find a job or what we buy at the store.
What is microeconomics?
300
The most important thing you give up when you chose something else
What is an opportunity cost?
300
A system that combines other economic systems.
What is a mixed economy?
300
In this type of market structure, producers have the most market power. 

What is monopoly?

300

The IRS collects taxes from employees through a system of what?

What is withholdings?

400

Things needed to produce goods and services.

What are “factors of production?”

400

Why are tradeoffs necessary?

What is because resources are limited?

400

What to produce, how and for whom to produce are fundamental what?

What is economic questions?

400

Another word for market clearing price is

What is market equilibrium?

400

Food stamps, Earned Income Credit and unemployment insurance are examples of what

What is income redistribution?

500
The type of economy people use to satisfy people’s needs and wants.
What is an economic system?
500

listing the good and bad parts of a choice before you make a decision.

What is cost- benefit analysis?

500

In a traditional economy, this is the most important goal. 

What is stability?

500

Clothing manufacturing has shifted out of country because other countries have this type of advantage. 

What is comparative advantage?

500

When workers become an expert in one task. 

What is division of labor?