It doesn't make cents
The worth of an asset based on its inherent characteristics
What is intrinsic value?
Individuals right and ability to make economic decisions without government coercion
what is economic freedom?
choices made by the economy as a whole; focuses on multiple industries and how nations interact
What is macroeconomics?
A business that has one sole owner
What is sole proprietorship?
Redistribution of wealth evenly regardless of individual contribution
What is economic leveling?
Humans have unlimited wants because we are ______ creatures
What is sinful?
Choices made by individuals(people, households, businesses, and communities) that focus on 1 industry and how they interact
What is microeconomics?
worth of an object based on individual preferences and circumstances
what is subjective value?
The distribution question asks _____
Who will receive the nations products?
human effort in production
What is labor?
The input question asks
What will the nation provide?
The relation between scarcity and choice
What is scarcity necessitates choice?
The reason some assets have higher costs than others
What is scarcity or desirability?
A business legally recognized as an entity distinct from its owners
What is a business?
People have a right to the nation's wealth since they are humans
What is egalitarian fairness?
The price of eggs going up is an example of ______(a type of economics)
what is microeconomics?
Gas prices increasing in Europe as a result of Russia's war with Ukraine is an example of ______(a type of economics)
What is macroeconomics?
approach to observing choices and predicting future economic events
what is positive economics?
Makes value judgements on economic laws and policies; the way things should be as opposed to the way things are
what is normative economics?
The only function of the state is to protect peoples rights and property(no obligation to help the poor)
What is libertarian fairness?
It attempts to put each of the 'players' in the game of economics into context and explain how they relate
What is the circular flow model?
What are the four national economic goals?
what is economic freedom, economic growth, employment security, and price stability?
the four factors of production are...
What is land and natural resources, labor, capital, and entrepreneurship?
The main advantage of a corporation is...
what is the least amount of financial liability and risk?
Three payments businesses make in exchange for the factors of production
what is rent, wages, and interest?